Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
NEW YORK, Oct 26 - The U.S. dollar was modestly higher against a basket of currencies on Thursday after data showed the U.S. economy grew at its fastest pace in nearly two years in the third quarter, once again defying dire warnings of a recession that have lingered since 2022.
"It is reinforcing the message that the U.S. is sort of hanging in there on the economic side and inflation is also remaining somewhat stubborn," said Brad Bechtel, global head of FX at Jefferies in New York.The GDP numbers follow business activity data earlier this week that highlighted the strength of the U.S. economy relative to the United Kingdom and the European Union.
Meanwhile, the European Central Bank left interest rates unchanged as expected on Thursday, snapping an unprecedented streak of 10 consecutive rate hikes while insisting that any talk of rate cuts was premature. A recent surge in global interest rates is heightening pressure on the Bank of Japan to change its bond yield control next week.
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