New York: The US dollar remained stable at close of trade on Wednesday (Thursday morning WIB), following a major revision to US gross domestic product (GDP) figures for the third quarter.
Quote ChinaThursday November 30, 2023, the dollar index which measures greenbacks Against six other major currencies, it rose 0.02 percent to 102.7643 at the close of trading.
The U.S. Commerce Department said it now expects the country’s GDP to grow at an annual rate of 5.2 percent in the third quarter, up from an initial estimate of 4.9 percent.
Nonresidential fixed investment and local and state government spending were stronger than expected, but consumer spending growth fell to 3.6% from 4.0% in the previous forecast.
On the other hand, Wall Street rose after the GDP revision, while statements from Federal Reserve officials left unanswered questions regarding the duration of the central bank’s restrictive policy. U.S. Treasury yields also maintained their recent decline.
JPMorgan Chase CEO Jamie Dimon delivered a harsh assessment of the U.S. economy on Wednesday, saying a third of low-income earners are expected to be “distraught” about their status.
“If you look at the United States, the unemployment rate is almost at an all-time low, but inflation is hurting people. I think the bottom third of society has a right to be angry. I probably would a little upset,” he said.
Global currency movements
In the Eurozone, the German inflation rate fell to 2.3% in November 2023, its lowest level since June 2021.
Meanwhile, at the close of trading in New York, the euro fell to $1.0982 from $1.0990 in the previous session, and the British pound rose to $1.2707 from $1.2698 during the previous session.
The Japanese yen is a winner as the G10 central bank tightening cycle draws to a close, while the dollar is expected to weaken in the coming years, Jonas Goltermann of Capital Economics said in a report.
It is known that US dollars were purchased for 147.2500 Japanese yen. This figure is lower than 147.4240 Japanese yen in the previous session.
Meanwhile, the US dollar fell to 0.8729 Swiss francs from 0.8777 Swiss francs, and rose to 1.3584 Canadian dollars from 1.3568 Canadian dollars. The US dollar strengthened to 10.3537 Swedish crowns from 10.3320 Swedish crowns.
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