Dollar gives back some gains from US GDP bounce

25/12/2014 07:45 AST

The dollar Wednesday gave back some of its gains from the prior day's advance following a strong US economic report.

The dollar dipped against the euro, the Japanese yen and other major leading currencies in light trade ahead of Thursday's Christmas holiday.

"With most of the world's trading centers winding down now for the week, volumes are light, and activity is largely subdued," said Omer Esiner, chief market analyst with Commonwealth Foreign Exchange.

"With lighter volumes however, there is always the risk of choppy and erratic market moves."

Even with Wednesday's drop, the dollar is near a nine-year trade-weighted high due to expectations that the US Federal Reserve will raise interest rates more quickly than other central banks after data Tuesday put US gross domestic product growth at five percent in the third quarter, Esiner said.

The GDP report "was the one of the strongest signals yet that America's economy is reaching lift-off momentum and that the Federal Reserve will soon need to begin removing monetary accommodation," he said.


AFP

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