Dollar Rebounds From Recent Losses

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Dollar Rebounds From Recent Losses

(RTTNews) - The U.S. dollar climbed higher against its major counterparts on Thursday, rebounding from recent losses, after data showed U.S. economic activity rebounded by slightly more than expected in the third quarter following two straight quarters of contraction.

The report from the Commerce Department said real gross domestic product shot up by 2.6% in the third quarter following a 0.6% drop in the second quarter and a 1.6% slump in the first quarter. Economists had expected GDP to jump by 2.4%.

The data has offset recent concerns about an impending recession but could also derail recent optimism about the Federal Reserve slowing the pace of interest rate hikes.

Another report from the Commerce Department showed durable goods orders rose by 0.4% in September following a revised 0.2% uptick in August. Economists had expected durable goods orders to increase by 0.6% in September compared to the 0.2% dip that had been reported for the previous month.

A report from the Labor Department showed initial jobless claims inched up to 217,000 in the week ended October 22nd, an increase of 3,000 from the previous week's unrevised level of 214,000. Economists had expected initial jobless claims to edge up to 220,000.

The dollar index rose to 110.62 this afternoon, gaining more than 0.8%.

Against the Euro, the dollar firmed to 0.9965 from 1.0086. The European Central Bank today raised its interest rate by 75 basis points, the third consecutive increase this year.

The bank also announced that it was changing the terms and conditions of its targeted longer-term refinancing operations, or TLTROs — a tool that provides European banks with attractive borrowing conditions, designed to incentivise lending to the real economy.

The dollar strengthened to 1.1566 against Pound Sterling, gaining from 1.1628.

Against the Japanese currency, the dollar drifted down, fetching 146.14 yen a unit, compared to 146.39 yen on Wednesday.

The dollar firmed to 0.6449 against the Aussie, gaining from 0.6497.

Against Swiss franc, the dollar was stronger, fetching CHF 0.9917 a unit, about 0.55% more than the previous close of CHF 0.9863.

The dollar is slightly stronger against the Loonie at C$ 1.3578, gaining from C$ 1.3557.

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