TOKYO, Dec 23 — The US dollar held firm at start of holiday-thinned week today after US data pointed to solid economic growth while the British pound found some stability after having suffered its biggest weekly fall in three years. A batch of economic data published on Friday showed the US...
The US dollar index was at 97.682, flat but maintaining its recovery trend since hitting a five-month low of 96.605 on December 12, 2019. — Reuters pic
Gross domestic product increased at a 2.1 per cent annualised rate, the Commerce Department said in its third estimate of third-quarter GDP. That was unrevised from November's estimate. Separate data showed consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.4 per cent last month as households stepped up purchases of motor vehicles and spent more on healthcare.The euro stood at US$1.10775, in retreat since it hit a four-month high of US$1.12 on December 13.
“One thing to look at is whether market players cut their positions ahead of the holiday period on concerns there could be a flash crash like a year ago,” said Minori Uchida, chief currency analyst at MUFG Bank. While the US dollar is supported by optimism on the global economy after Washington and Beijing came to an interim trade agreement earlier this month, some noted concerns over increasing tensions between North Korea with the United States.
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