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ticks down as the US Dollar (USD) extends its downside but remains broadly sideways around 1.4050 after the release of a slew of mid-tier United States (US) economic data.The first estimate of Q3 Gross Domestic Product (GDP) growth remained at 2.8%, in line with expectations of the preliminary estimate. Initial Jobless Claims for the week ending November 22 surprisingly came in lower than the former release. The number of individuals claiming jobless benefits for the first time was 213K, lower than the prior reading of 215K, upwardly revised from 213K. Meanwhile, growth in Durable Goods Orders in October remained weaker than projected. Fresh orders for durable goods rose by 0.2%, slower than estimates of 0.5%. In September, the Durable Goods Orders contracted by 0.4%, upwardly revised from 0.4% decline.The initial reaction on the US Dollar was bearish, with (DXY) refreshing a weekly low around 106.20.Going forward, the major trigger for the US Dollar will be the US Personal Price Index (PCE) data for October, which will be published at 15:00 GMT. The inflation data will significantly influence market expectations for the Federal Reserve’s (Fed) likely interest rate action in the December meeting.Though the US Dollar is underperforming, its performance against the Canadian Dollar (CAD) has remained firm, bolstered by US President-elect Donald Trump’s threat of imposing 25% tariffs on Canada and Mexico. Trump said in a post on Truth.Social that China has poured illicit drugs into the US, mainly through Mexico. Trump added that he will impose an additional 10% on China, which will be over 60% that he mentioned in his election campaign.The announcement of higher tariffs on Canada has weakened the CAD across the board. Canada is one of the leading trading partners of the US, and higher-level tariffs on the nation will dampen its export sector.More By This Author:Pound Sterling Struggles Against US Dollar On Renewed Trump Tariff Fears AUD/USD Gives Of Intraday Gains, Aussie/US Inflation In Focus USD/CAD Turns Upside Down On Steady Canadian Retail Sales Growth, US Dollar Retraces
