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


29/04/2012 20:37 AST

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

Reuters
Forex News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 139.4 66,101
DARALARKAN 6.1 54,633,962
SABIC 81.25 7,031,852
TAWUNIYA 91.5 165,728
RIBL 10.95 715,350
AMLAK 1.34 4,940,514
EEC 27.4 453,214
Recent News

Zain Bahrain launches mobile deal for social media
Zain Bahrain, a leading telecom operator in Bahrain, has launched its new postpaid packages for mobiles, which allows customers to consume social media applications without any data charges beyond th

Sohar Aluminium achieves new production record
Sohar Aluminium, the nation’s largest non-hydrocarbon industrial venture, achieved a new production record in 2015 — one of a slew of operational improvements logged by the company last year. Alumini

Muscat Securities Market announces new sample of Sharia Index
Muscat Securities Market (MSM) has announced its new sample of MSM Sharia Compatible Index for the first quarter of 2015. New sample will be used with effect from Tuesday.

The circular of

Massive tourism hub at a cost of OMR390m coming up in Duqm
Permission to build a massive tourism hub with hotels, residential and commercial complexes and an amusement park has been granted to Al Khonji Real Estate and Development in Duqm by Special Economic

Brexit-related currency exposures minimal for Qatar banks
Qatari banks face “immaterial net exposures” to the Brexit-related currencies such as the pound and euro overall, according to QNB Financial Services (QNBFS). Brexit will have only “minimal impact

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?