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US Dollar turns positive near 99.80

FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main rivals, has recovered the positive territory in the vicinity of the 99.80 area.

US Dollar reverts losses

After bottoming out in the mid-99.00s, the index has managed to pick up pace and leave the area of session lows, all despite US docket has done nothing to support the dollar.

In fact, Q3 GDP failed to ignite fresh upside bias, coming in as expected at 2.1%. Further releases showed CB’s Consumer Confidence and the Richmond Fed index missing expectations, whereas the S&P/Case-Shiller index rose more than initially anticipated.

US Dollar significant levels

As of writing the US Dollar Index is up 0.01% at 99.81 with the next resistance at 100.04 (psychological level) followed by 100.38 (2015 high Mar.13). On the other hand, a breach of 98.50 (low Nov.12) would open the door to 96.77 (55-day sma) and finally 94.84 (3-month uptrend).

US Commerce Department reported 2.1 per cent GDP growth for Q3

The US Commerce Department on Tuesday said the gross domestic product grew at a 2.1 per cent annual pace in the third quarter, up from the initial estimated 1.5 per cent. When measured from the income side, the economy grew at a brisk 3.1 per cent clip, up from second quarter's 2.2 per cent pace. The U.S. economy expanded at a faster pace implying the economy remains on track to finish the year with modest growth. The GDP data suggested resilience that could further boost the Federal Reserve’s confidence to raise interest rates in December.
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