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Dollar edges lower vs. rivals in holiday-thinned trade

Investing.com -

Investing.com - The dollar edged lower against the other majors currencies on Friday, as investors eyed the release of U.S. reports on new home sales and consumer sentiment due later in the day, after third-quarter economic growth data exceeded market expectations on Thursday.

Trading volumes were expected to be thin this week as trader were beginning to unwind positions ahead of the Christmas holiday.

EUR/USD edged up 0.17% to 1.0454.

The U.S. Commerce Department said on Thursday that gross domestic product grew at an annual rate of 3.5% in the three months ended September 30, up from a previous estimate of 3.2% and above expectations for a reading of 3.3%.

The greenback has been broadly supported since the Federal Reserve concluded its policy meeting last week by raising interest rates by 25 basis points and projected three more rate hikes for 2017.

Elsewhere, GBP/USD slipped 0.11% to 1.2270.

Earlier Friday, the U.K. Office for National Statistics said GDP grew at a rate of 0.6% in the third quarter, up from a previous estimate of 0.5% and above expectations for a growth rate of 0.5%.

A separate report showed that the U.K. current account deficit widened to £25.5 billion in the last quarter from £22.1 billion in the second quarter, whose figure was revised from a previously estimated deficit of £25.9 billion.

Analysts had expected the current account deficit to widen to £27.5 billion in the third quarter.

USD/JPY fell 0.18% to 117.34, while USD/CHF held steady at 1.0250.

The Australian dollar was weaker, with AUD/USD down 0.10% at 0.7211, while NZD/USD held steady at 0.6909.

Meanwhile, USD/CAD was almost unchanged at 1.3485.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.15% at 102.91, just off Tuesday's fresh 14-year highs of 103.62.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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