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Dollar Gains on Domestic Data, Loses Ground vs. Yen

August 28, 2014 at 23:20 by Vladimir Vyun

The US dollar rose against some of its major peers, including the euro, with help of positive domestic data. It looks like news from Ukraine limited gains somewhat and actually send the greenback down versus the Japanese yen and even the Great Britain pound.

Economic indicators from the United States were good, particularly the gross domestic product data and the housing report. GDP expanded 4.2 percent according the preliminary data, compared to 4.0 percent in the previous estimate. Pending home sales surged 3.3 percent to the highest level since August 2013.

The dollar did not perform particularly well despite the supportive indicators, perhaps due to escalation of the conflict between Russia and Ukraine. While usually the greenback profits from geopolitical uncertainty, it looks like traders think that the yen is a safe option now.

EUR/USD fell from 1.3192 to 1.3184 as of 23:19 GMT today. GBP/USD rose a little from 1.6575 to 1.6590. USD/JPY declined from 103.87 to 103.71, reaching the low of 103.55 intraday.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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