Dollar Recovers After Setback, Gains Against Major Counterparts
(RTTNews) - The U.S. dollar fell after data showed the U.S. economic growth slowed in the fourth quarter of 2024, but climbed higher as the session progressed on Thursday as traders weighed the latest batch of economic data and the Federal Reserve's monetary policy announcement earlier this week.
Data from the Labor Department showed U.S. GDP increased 2.3% in the fourth quarter, after a 3.1% surge a quarter earlier. Economists had expected GDP to jump by 2.6% in the fourth quarter.
Separate data from the Labor Department said the first-time claims for U.S. unemployment benefits fell to 207,000 in the week ended January 25th, a decrease of 16,000 from the previous week's unrevised level of 223,000. Economists had expected jobless claims to slip to 220,000.
After dropping to 107.50 in early New York session, the dollar index climbed to 108.24 by late afternoon, up from previous close of 108.00.
Against the Euro, the dollar firmed to 1.0393 from 1.0423. Against Pound Sterling, the dollar strengthened to 1.2416, gaining from 1.2449.
The dollar weakened against the Japanese currency, dropping to 154.25 yen a unit, from previous closing value of 155.25 yen. Against the Aussie, the dollar firmed to 0.6208 from 0.6233.
The greenback gained against Swiss franc, rising to CHF 0.9098 a unit, gaining CHF 0.0038, and against the Loonie, climbed to C$ 1.4493 from C$ 1.4420.
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