Dollar Turns In Mixed Performance Against Major Counterparts
(RTTNews) - The U.S. dollar turned in a mixed performance against its major counterparts on Thursday with traders digesting the GDP data and a report on U.S. jobless claims.
Data released by the Commerce Department showed real gross domestic product increased by 1.1% in the first quarter after jumping by 2.6% in the fourth quarter of 2022. Economists had expected the pace of GDP growth to slow to 2%.
The Commerce Department said the slowdown in GDP growth primarily reflected a downturn in private inventory investment and a slowdown in non-residential fixed investment.
A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits unexpectedly declined in the week ended April 22nd, dipping to 230,000, a decrease of 16,000 from the previous week's revised level of 246,000.
Economists had expected jobless claims to inch up to 248,000 from the 245,000 originally reported for the previous week.
Traders now await the Fed's preferred inflation gauge on Friday for hints on when the Federal Reserve might consider pausing interest rate rises.
The dollar index, which climbed to 101.80, dropped to 101.49.
Against the Euro, the dollar firmed to 1.1031, gaining marginally, and against Pound Sterling, it is trading at 1.2499, down 0.25% from the previous close.
Against the Japanese currency, the dollar strengthened to 133.99 yen from 133.67 yen.
The dollar is weak at 0.6630 against the Aussie. Against Swiss franc, the dollar firmed to fetch CHF 0.8945 a unit, and eased to C$1.3593 from C$1.3637.
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