The dollar shuffled between gains and losses Thursday, as investors digested a series of mixed U.S. data releases.
The Wall Street Journal Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently up 0.1% at 93.36. The measure hit 93.05 earlier in the session.
U.S. gross domestic product expanded at 3.5% in the last quarter, a faster pace than previously estimated and the strongest quarterly growth in two years, data showed. Other numbers were less positive: durable goods orders slipped from a month ago, while jobless claims rose to a six month high, though the overall trend remained consistent with a labor market that is adding jobs.
On the whole, the reports did little to shift expectations that a more hawkish Federal Reserve and fiscal expansion under the incoming presidential administration will boost the economy next year and take the dollar higher, analysts said.
“The data was solid and suggests that while the economy may have shifted to a lower gear in the fourth quarter, that overall momentum remains considerably stronger than most other major economies around the world,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange, in a note to clients.
The euro was up 0.1% at $1.0437. The dollar was unchanged at ¥117.56. Against the Russian ruble, the dollar fell 0.4% to 60.94.
Write to Ira Iosebashvili at email@example.com