Markets & Finance

Dollar Little Changed After 3Q U.S. GDP Data


MARKETSCOPE : The dollar didn't change much in early trading Wednesday, after news of stronger than expected U.S. Gross Domestic Product in the third quarter.

One dollar bought 119.64 yen, about the same as at Tuesday's close.

U.S. third quarter GDP growth was revised higher to a 4.3% rate from the advance reading of 3.8%. The news beat the consensus estimate of 4%, but followed surprisingly strong economic growth indicators on Tuesday.

The euro moved to $1.1760 from $1.1789 at Tuesday's close, as investors continued making bets on interest rates ahead of the European Central Bank meeting Thursday. Markets shrugged off news earlier that eurozone third quarter GDP growth was confirmed at 0.6%, German retail sales rose more than expected 1.9%, and the German ILO jobless rate rose to 8.7% from 8.4%.

The sterling rose to $1.7253 from $1.7193, after news that U.K. November consumer confidence remained stable at -8 and that the U.K. Pension Commission recommended a new scheme through which employees would contribute 5% of their incomes.

News hit Tuesday that U.S. New Home Sales surged 13% in October to a record 1,424,000 annual rate from 1,260,000 in September, the largest increase in 12 years despite higher mortgage rates. October Durable Goods Orders, aided by higher airplane bookings and an end to a Boeing workers strike, rose more than expected 3.4% after falling 2% in September. The Conference Board's Consumer Confidence index surged to 98.9 in November from a two-year 85.2 in October, which was revised from 85.0. The recovery was the largest increase in 2 years.


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