Dollar Edges Higher Against Major Counterparts
(RTTNews) - The U.S. dollar climbed higher on Wednesday, recovering from recent weakness, as traders awaited the personal consumption expenditure data, due on Thursday, for clues about the Federal Reserve's likely moves on interest rate.
The inflation data is likely to have a notable impact on the outlook for interest rates, as Fed officials have said they need greater confidence that inflation is slowing before cutting rates.
In economic news today, revised data showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2023.
The Commerce Department said the jump by real gross domestic product in the fourth quarter was downwardly revised to 3.2% from the previously reported 3.3%. Economists had expected the surge in GDP to be unrevised.
The dollar index, which climbed to 104.24 in the European session, pared gains and was at 103.94 a little while ago, up 0.11% from Tuesday's close.
Against the Euro, the dollar firmed to 1.0801 before easing a bit to settle at 1.0840 a unit of the European currency. Against Pound Sterling, the dollar strengthened to 1.2663.
The dollar firmed against the Japanese currency, fetching 150.68 yen a unit. Against the Aussie, the dollar strengthened to 0.6497. Swiss franc edged up to 0.8787 a dollar. Against the Loonie, the dollar firmed to fetch C$ 1.3577.
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