FOREX-Dollar down vs euro, yen after US. GDP data


29/04/2012 20:37 AST  Reuters

The dollar slumped to multi-week lows against the euro and the yen on Friday after a report showed U.S. economic growth cooled in the first quarter, raising the prospect of further stimulus from the U.S. Federal Reserve.

The weaker-than-expected growth showed businesses cut back on investment and restocked shelves at a moderate pace at a time when investors are worried that a lack of job creation will stem consumer spending.

The euro was already higher after a smooth Italian bond auction eased concerns over peripheral euro-zone debt markets.

The sale offset jitters sparked by a downgrade of Spain's sovereign debt and dismal Spanish economic data.

The U.S. economic data added to the dollar's woes, sending it to its lowest since mid-April against the yen.

"GDP was worse-than-expected, and that increases the chances of the Fed launching QE3," said Daniel Hwang, senior currency strategist at Forex.com in New York. "Markets shrugged off the Spanish rating action, and we could see risk assets continue upward momentum on expectations of a Fed move. This is negative for the dollar as it increases QE3 chances."

For more on this Click Here

Forex News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR
Most Viewed Companies
Ticker Price Volume
SECO 14.32 2,905,570
GFH 0.19
DARALARKAN 13.04 97,819,880
STC 65.96 1,623,412
AKHI 40 1,183,119
EMAAR 10.8 38,418,273
ARTC 8.74 136,335,909
Recent News

NBAD Stars Loyaltycard Named Best Prepaid Card
The National bank of Abu Dhabi’s NBAD Stars Prepaid Card has won a prominent recognition as the best prepaid gift card at a recent industry awards event.

The NBAD Stars Prepaid Card, a loy

Emirates NBD Beats Estimates With 25% Quarterly Profit Jump
Emirates NBD PJSC (EMIRATES), the biggest bank by assets in the United Arab Emirates, beat analysts’ estimates with a 25 percent jump in first-quarter profit as interest income and fees growth offset

Dana Gas’ shows strong annual growth
Dana Gas, the Middle East’s largest regional private sector natural gas company, held its 8thAnnual General Meeting (AGM), Chaired by the Company’s Honorary Chairman H.H. Sheikh Ahmed Bin Sultan Al Q

Aldar launches sale of Penthouse Collection at Gate Towers
Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, has launched the sale of 21 exclusive duplex penthouse apartments at Gate Towers, the Penthouse C

RTA holds two awareness workshops for First Aid, kidney patients
Employees of all sectors and agencies of the Roads & Transport Authority (RTA) commended the awareness campaign recently held by the Administrative Services Department, RTA Corporate Administrative S

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Are you satisfied with your full-service broker?