Forex

The U.S. dollar was strengthened by unexpectedly higher economic data, the British pound as well due to Brexit progress

Dollar beats yen and franc

The greenback edged up on Thursday’s opening session as it was somehow lifted up by strong economic figures in the United States. However, the greenback is highly forecasted to fall against its major peers due to the uncertainties enacting Trump’s promised tax reform.

According to the figures released yesterday, the economy in the stateside surprisingly grew faster in Q3. this is considered its fastest pace in more than nine years. All thanks to the boost in consumer spending due to the growth in investments in business pieces of equipment and stockpiles.

U.S. Bank Wealth Management’s regional investment strategist Jeff Kravets said the gross domestic product (GDP) for the third half was revised and the showed results in consumer spending came in a better than expected. He added that a lot of investors are keeping a closer look at the tax reform because it could potentially strengthen the dollar if not passed.

The index which measures the U.S. currency’s value against its major opposing currencies, the dollar index, edged up more than 0.1 percent at 93.255. Still, the index slipped as much as 1.4 percent this month.

Looking at other currency news, the British pound was in the green zone after expectations that the EU and Britain will finally meet for Brexit. It remained solid on Thursday at $1.3414. Sterling jumped about 1 percent for November. The European currency, meanwhile, gained 0.1 percent at $1.1854.

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