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Dollar Inches Down Ahead of Christmas Holiday

12/22/2017, 3:29:04 PMBasics of Trading
Dollar Inches Down Ahead of Christmas Holiday

The dollar fell against other majors currencies on Thursday, kept down by mostly disappointing U.S. economic reports.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.03% at 92.91 by 11:50 a.m. ET (16:50 GMT), just off the previous session's two-and-a-half week low of 92.76. Trading volumes were expected to become more and more thin throughout the week, ahead of the Christmas holiday.

The Department of Labor reported on Thursday that initial jobless claims rose to 245,000 in the week ending December 15. Analysts had expected jobless claims to rise to only 231,000 last week.

A separate report showed that the U.S. economy showed grew 3.2% in the third quarter, revised down from the previous reading of a 3.3% growth rate.

On a more positive note, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose unexpectedly to 26.2 this month from November's reading of 22.7.

The euro and the pound recovered from earlier lows, with EUR/USD down 0.03% at 1.1868 and with GBP/USD inching down 0.07% to 1.3366.

The yen fell down against the dollar, with USD/JPY up 0.06% at 113.47. On Thursday the Bank of Japan left its monetary policy unchanged, in a highly expected move.

The central bank also underlined the fact that as inflation is still far from the 2% target despite a growing economy.