The Dollar Strengthens Against the Euro
A chorus of positive economic data was enough to drown out trade war tension heading into the Thanksgiving weekend for the USD.
Trade talks resumed between the US and China, with both sides initially reporting that significant progress had been made. Chinese officials rejected claims that the phase one talks had faltered and even spoke positively of a second and third phase. This good news was subsequently met by resumed tension between the two sides just a few days later, however, with President Trump’s legal backing of Hong Kong protestors providing another roadblock for a deal.
When it came to data, the US dollar has plenty to be thankful for however. A revision of Q4 GDP revealed a higher-than-expected 2.1% growth. This was attributed to increased consumer spending, while good news also came in the form of weekly unemployment data. Jobless claims fell to 213,000, down 15,000 WoW and helping to boost the dollar.
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