U.S Dollar Unchanged Following GDPPosted 08/29/2018 12:28PM CT |
The US dollar remains relatively unchanged following the release of the revised US second quarter GDP coming in a tick higher at 4.2%. Consumer confidence climbed to 133.4 yesterday, coming in at 18 year highs. Reports in the overnight indicate Chinese growth may be slowing in the second half, which may continue to provide underlying support. While trade talks continue to influence the dollar, optimism has been rekindled with the recent agreement between the US and Mexico and the renewed negotiation with Canada. The euro was under some selling pressure in the early morning following a downtick in German consumer confidence, in contrast to the US, as well French consumer spending slowing year over year. The US dollar remains bullish amid slowing growth in the Eurozone as well as a resurgence of US rate hike expectations. Momentum in the US dollar is declining to oversold levels with near term resistance seen around 9485 and support around 9415.