{"id":46935,"date":"2013-08-29T09:49:00","date_gmt":"2013-08-29T09:49:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-index-rises-sharply-after-solid-economic-data\/46918\/"},"modified":"2013-08-29T09:49:00","modified_gmt":"2013-08-29T09:49:00","slug":"forex-market-update-dollar-index-rises-sharply-after-solid-economic-data","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-index-rises-sharply-after-solid-economic-data\/46935\/","title":{"rendered":"Forex Market Update: Dollar Index Rises sharply After Solid Economic Data"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>The U.S. dollar turned sharply higher against all major traded currencies on Thursday after two closely followed economic indicators showed that the world\u2019s largest economy was recovering, which could prompt the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a> to soon begin the tapering of its multi-billion dollar bond buying program.<\/p>\n<p><span id=\"more-46935\"><\/span><\/p>\n<p>At last check, the Dollar Index, a measure on U.S. dollar\u2019s performance against a basket of six major traded currencies, rose 0.63% to 81.95.<\/p>\n<p>The WSJ$ Index, which used slightly broader indexing criteria, was last up 0.52% to 74.23<\/p>\n<p>The Commerce Department\u2019s revised reading on the second quarter GDP showed that the U.S. economy expanded at a faster-than-expected pace. According to the second reading, the U.S. GDP grew by 2.5% in the second quarter while economists had forecasted 2.2% growth.<\/p>\n<p>The Labor Department said that weekly first time jobless applications fell 6,000 to seasonally adjusted 331,000, which is near six year low level.<\/p>\n<p>Now, the next big data which could provide more clues over when could the Fed start to squeeze its bond buying program is the monthly non-farm payrolls report, slated to be released next week. If the data suggests that the labor market is showing significant improvement then the Fed might start scaling down its economic stimulating measures.<\/p>\n<p>Concerns over Syria also supported the U.S. dollar. Although the U.S. and its allies softened their stance on Syria, the situation still remains tense, which will prompt investors to retain some exposure in the <a href=\"http:\/\/www.knowfinance.com\/currency\/\" target=\"_blank\" rel=\"noopener\">currency<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_popular_placeholder\" data-permalink=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-index-rises-sharply-after-solid-economic-data\/46935\" data-title=\"Forex Market Update: Dollar Index Rises sharply After Solid Economic Data\"><\/div>\n<p><script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130901171032js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> <\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/omnivision-technologies-shares-plunge-after-disappointing-q2-guidance\/46981\"><br \/>\nOmniVision Technologies Shares Plunge After Disappointing Q2 Guidance<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/activist-investor-carl-icahn-discloses-16-9-stake-in-nuance-communications\/46980\"><br \/>\nActivist Investor Carl Icahn Discloses 16.9% Stake in Nuance Communications<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-lower-on-syria-worries-post-losses-for-the-month\/46973\"><br \/>\nStocks End Lower on Syria Worries; Post Losses for the Month<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/big-lots-q2-earnings-beat-expectation-fy-2013-earnings-outlook-slashed\/46970\"><br \/>\nBig Lots Q2 Earnings Beat Expectation, FY 2013 Earnings Outlook Slashed<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-ease-silver-prices-plunge-more-than-2\/46968\"><br \/>\nGold Prices Ease, Silver Prices Plunge More Than 2%<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-float-in-red-territory-5\/46967\"><br \/>\nStocks Float in Red Territory<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-index-up-3\/46966\"><br \/>\nForex Market Update: Dollar Index Up<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130901171032im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script--><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. dollar turned sharply higher against all major traded currencies on Thursday after two closely followed economic indicators showed 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