Dollar Drops vs. Yen, Rises vs. Euro on US GDP & Home Sales

The US dollar weakened versus the Japanese yen today after the reports showed that the US GDP and the existing home sales grew less than was predicted by the analysts. The dollar managed to erase losses against the euro.

The US gross domestic product grew 2.6 percent in the third quarter, while the forecasts promised the growth by 2.8 percent. The existing home sales expanded by from 4.43 million in October to 4.68 million in November. The Forex traders expected the increase to 4.72 million.

Despite being below the economists’ forecasts, the readings still showed a growth. Therefore the reports, together with the concerns about the European economy, helped the dollar to rise against the euro.

EUR/USD traded near 1.3089 as of 20:30 GMT today after it opened at 1.3100 and jumped to the intraday high of 1.3180. USD/JPY dropped from the opening rate of 83.74 to 83.57 after it previously declined to 83.40.

If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *