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U.S. Dollar Enjoying Support from Fed and GDP

The U.S. dollar on Thursday extended recent gains to a 3-1/2-week high, boosted by unexpectedly strong third-quarter U.S. economic growth and a newly hawkish tone from the Federal Reserve.

A U.S. Commerce Department report showed third-quarter gross domestic product grew by 3.5 percent versus the Reuters 3.0 percent mean forecast of economists.

The data backed up Wednesday’s bullish statement on the U.S. economy by the Fed and added to buying momentum that has lifted the dollar over 8 percent on a trade-weighted basis since July.

CNBC [1]

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