Dollar Rallies on GDP News
MARKETSCOPE : The Dollar index rose 0.34 to 91.12 Wedensday as Q3 GDP was revised to up 4.1$ from 4.3% previously reported but well above the 3.8% initially reported. The data shows a strong U.S. economy and gives the Fed little room to abandon its credit tightening cycle. The euro was off at $1.1819 despite report the European Central Bank will raise rates again soon. Sterling was off at $1.7394 as the Bank of England's Dec. 7-8 MPC minutes indicate policy makers might cut rates soon. Traders ignored some strong U.K. economic data. The dollar was up at 117.36 yen even though the Nikkei stock index rose 2.02%.
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