U.S. Dollar Advances After Strong Economic Data

The U.S. dollar rose against its major counterparts in the New York session on Thursday, as better-than-expected economic data suggested that economy is on solid footing.

Data from the Commerce Department showed that the pace of U.S. economic growth unexpectedly surged more than previously estimated in the third quarter.

The report said gross domestic product shot up by 3.1 percent in the third quarter, reflecting an upward revision from the 2.8 percent jump previously reported. Economists had expected the pace of growth to be unrevised.

Data from the Labor Department showed that first-time claims for U.S. unemployment benefits pulled back by more than expected in the week ended December 14th.

The Labor Department said initial jobless claims fell to 220,000, a decrease of 22,000 from the previous week's unrevised level of 242,000. Economists had expected jobless claims to dip to 230,000.

The greenback climbed to more than a 3-week high of 1.2508 against the pound and a 5-month high of 157.80 against the yen, off its early lows of 1.2666 and 154.42, respectively. The next possible resistance for the currency is seen around 1.24 against the pound and 161.00 against the yen.

The greenback recovered to 1.0354 against the euro. The currency is poised to challenge resistance around the 1.02 level.

The greenback rose back to 0.8996 against the franc. This may be compared to an early 5-1/2-month high of 0.9022. Immediate resistance for the currency is seen around the 0.92 level.

In contrast, the greenback eased to 1.4344 against the loonie, 0.6265 against the aussie and 0.5662 against the kiwi, from an early 4-1/2-year high of 1.4467 and more than 2-year highs of 0.6198 and 0.5608, respectively. The next possible support for the greenback is seen around 1.36 against the loonie, 0.64 against the aussie and 0.60 against the kiwi.

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