NEW YORK, Nov. 29 (Xinhua) — The U.S. dollar stayed practically flat in late buying and selling on Wednesday, after the sturdy revisions in U.S. gross home product (GDP) figures for the third quarter.
The dollar index, which measures the buck in opposition to six main friends, rose 0.02 p.c to 102.7643 in late buying and selling.
The U.S. Commerce Department mentioned on Wednesday that it now estimates the nation’s GDP grew at an annualised tempo of 5.2 p.c within the third quarter, up from its preliminary estimate of 4.9 p.c. Non-residential mounted funding and state and native authorities spending had been stronger than anticipated, however client spending progress ticked down to three.6 p.c from 4 p.c within the advance estimate.
Wall Street edged larger after the GDP revision, whereas Federal Reserve officers’ remarks left unresolved questions in regards to the length of the central financial institution’s restrictive coverage. Yields on U.S. authorities bonds additionally maintained their latest march downward.
JPMorgan Chase CEO Jamie Dimon delivered a harsh evaluation of the American financial system on Wednesday, saying the decrease third of earners ought to be “pissed off” about their standing. “If you look at the U.S., yes, you know, almost all-time low unemployment, but inflation is hurting people. The bottom third, I kind of think they have a right to be pissed off. I would probably be a little pissed off if I were them.”
While within the eurozone, Germany’s inflation charge fell to 2.3 p.c in November, its lowest degree since June 2021. In late New York buying and selling, the euro decreased to 1.0982 U.S. {dollars} from 1.0990 {dollars} within the earlier session, and the British pound rose to 1.2707 U.S. {dollars} from 1.2698 {dollars} within the earlier session.
The Japanese yen is an “obvious winner” as G10 central banks’ tightening cycle attracts to a detailed, whereas the dollar “is likely to weaken over the next couple of years,” Capital Economics’ Jonas Goltermann mentioned in a report on Wednesday. The U.S. dollar purchased 147.2500 Japanese yen, decrease than 147.4240 Japanese yen of the earlier session.
The U.S. dollar decreased to 0.8729 Swiss francs from 0.8777 Swiss francs, and it rose to 1.3584 Canadian {dollars} from 1.3568 Canadian {dollars}. The U.S. dollar elevated to 10.3537 Swedish kronor from 10.3320 Swedish kronor.