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 dollar rose 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.
"The statement is very similar to the one in September. Obviously, they had to acknowledge the fact that inflation dropped, which was also what they expected, but ultimately they are still trying to hang on to some sort of hawkish bias saying that inflation remains too high," said Francesco Pesole, FX strategist at ING in London.The Japanese yen weakened to hit a fresh one-year low of 150.78 per dollar and was not far off the 32-year low of 151.
Japan's low yields have made the currency an easy target for short-sellers and funding trades, with the widening gap in interest rates between Japan and the United States leading to persistent weakness in the yen.
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