US Dollar Trading Strong Against Major Peers on Release of Upbeat Economic Data - Forex News by FX Leaders
US dollar index DXY

US Dollar Trading Strong Against Major Peers on Release of Upbeat Economic Data

Posted Monday, December 23, 2019 by
Arslan Butt • 1 min read

At the start of a brand new trading week, the US dollar is trading steady following the release of optimistic economic data from the US over the previous week. At the time of writing, the US dollar index DXY is trading at around 97.64.

According to latest estimated by the Commerce Department, the US economy continued to grow at 2.1% in Q3 2019, the same figure as in November. Despite concerns about the continued trade war with China driving worries of a recession, the US economy continues on the path of the longest expansion on record, even if at a moderate pace.

The US dollar also received some support after consumer spending increased by 0.4% in November over increased spend on motor vehicles and healthcare. The dollar has also remained strong ever since the US and China announced their plans to sign the phase one trade deal soon.

This development helped lift the mood in the markets, as it signaled that the US was to suspend its decision to hike tariffs on Chinese imports once again. Consumer goods imported from China were spared increased duties during the holiday season, improving the market sentiment.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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