Financial markets are somehow muffled on Thursday, as two days separate traders from enjoying the Christmas holiday. Stocks gained the most among financial markets today, after the U.S economy released better than forecasted reports, adding to signs the economy is bouncing up.
GDP figures were the only ones missing the forecasts today, after the U.S Department of Commerce reported the economic grew at slower pace than forecasted in the third quarter, as third-quarter growth was downwardly revised to 1.8 percent from 2.0 percent annual pace, below median estimates of 2.0 percent as well.
Better yet, the U.S Department of Labor reported that the U.S jobless claims fell to the lowest level since April 2008, knowing out estimates registered a week ago and beating median estimates for the third consecutive week, while Michigan's confidence rose more than forecast in December, in addition, the U.S Conference Board's leading indicators climbed above projections in November.
Slight gains were seen in the currency markets today, but the biggest were mostly in the equities since demand for safe havens ebbed down. The U.S dollar erased an early gain after oil rose for the fourth consecutive day, euro and pound rose while the yen fell following strong economic reports about the U.S economic progress.
Meanwhile, the U.S dollar index eased below the opening level of 80.18 to trade at $80.18, recording the highest level of 80.138 and lowest level of 77.646. The EUR/USD pair inclined faintly from the opening level $1.3036 levels and currently steady at $1.3043 levels.
The GDP/USD pair traded above the cut at $1.5679 compared to the opening level of $1.5667, while the USD/JPY pair picked up slightly after opening at ¥78.08 levels and currently bottled up at ¥78.17 levels.