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Dollar extends losses vs. rivals after U.S. GDP data

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Investing.com -

Investing.com - The dollar extended losses against the other major currencies on Tuesday, after data showed that the U.S. economy grew less than initially estimated in the third quarter, but still beat expectations.

Trading volumes were expected to remain limited ahead of the Christmas Holiday.

USD/JPY slipped 0.18% to 120.99.

The U.S. Commerce Department reported that gross domestic product grew at an annual rate of 2.0% in the three months ending September 30, better than expectations for 1.9%.

Preliminary data initially pegged U.S. growth at 2.1% in the third quarter. The U.S. economy grew 3.9% in the second quarter.

EUR/USD gained 0.36% to 1.0955.

The euro's gains were expected to remain limited as inconclusive elections in Spain over the weekend sparked political concerns.

Spanish Prime Minister Mariano Rajoy said on Monday that his centre-right People's Party (PP) would talk to rivals in a bid to form a government, but the left-wing parties reportedly said they would not want Rajoy to remain in power.

Elsewhere, the dollar was moved lower against the pound and the Swiss franc, with GBP/USD down 0.12% at 1.4866 and with USD/CHF declining 0.43% at 0.9876.

Earlier Tuesday, the U.K. Office for National Statistics reported that public sector net borrowing rose to £13.56 billion in November from £6.75 billion in October, whose figure was revised from a previously estimated £7.47 billion.

Analysts had expected public sector net borrowing to rise to £11.00 billion last month.

The Australian and New Zealand dollars were stronger, with AUD/USD up 0.71% at 0.7242 and with NZD/USD advancing 0.85% to 0.6819.

Meanwhile, USD/CAD edged down 0.14% to trade at 1.3938, still close to Friday's more than 11-year high of 1.4000.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.30% at 98.15.

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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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