🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Forex - Dollar lower vs. euro, yen after US GDP data

Published 06/26/2014, 02:42 AM
Dollar lower against euro, yen after US GDP report
EUR/USD
-
USD/JPY
-
EUR/JPY
-

Investing.com - The dollar was lower against the euro and the yen on Thursday, after U.S. first quarter growth was revised down sharply, bolstering expectations that the Federal Reserve will keep rates hold for longer.

EUR/USD was at 1.3638, not far from the more than two-week high of 1.3650 reached on Wednesday.

The pair was likely to find support at 1.3600 and resistance at 1.3670.

The dollar weakened across the board after the Commerce Department said U.S. gross domestic product contracted at an annual rate of 2.9% in the first three months of the year, compared to the consensus forecast for a decline of 1.7%.

U.S. first quarter GDP was initially reported to have increased by 0.1%, but was subsequently revised to show a contraction of 1.0%.

The difference between the second and third estimate was the largest since records began in 1976, the Commerce Department said.

A separate report showed that U.S. durable goods orders fell 1.0% in May, the first decline in four months.

The weak data indicated that the Federal Reserve may need to keep rates on hold for an extended period to support the recovery.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was at 80.21 just above Wednesday’s five week lows of 80.17.

The dollar was lower against the yen, with USD/JPY slipping 0.11% to 101.75, close to the two week low of 101.61 set on Wednesday.

Elsewhere Thursday, the euro was almost unchanged against the yen, with EUR/JPY at 138.78.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.