US dollar climbs after release of economic data

Key Movers

China's reiteration of its commitment to stimulating economic growth has boosted risk sentiment and the euro was off to a strong start in Thursday's European session.  EUR appreciated as flows leave the safe-haven dollar. Furthermore, de Guindos from the European Central Bank (ECB) reiterated a hawkish stance, saying that "50bps may soon become the new standard" in order to combat rising inflationary pressures within the eurozone.

EUR/USD currently holds around the 1.0600 price mark ahead of the US economic Data.

Figures from the Office for National Statistics on Thursday painted a grim picture for the U.K. economy, which was shown to have contracted by more than was initially estimated between July and September.  The economy shrank by 0.3% in the third quarter - worse than initial estimate of 0.2% resulting in the British Pound declining after the final UK GDP print was released. Adding to this, the yearly growth rate was also revised down to 1.9% from the forecasted 2 .4% and adds to a bleak outlook for the UK economy.

GBP/USD currently trades below 1.2100.

The Canadian dollar declined in value relative to the U.S. dollar on Thursday as the rebound in equity markets lost momentum. USD/CAD surged higher following the release of the US GDP and Jobs Data reports the pair pushed above 1.3650. The strong data reports boosted the US dollar, while the Canadian dollar weakened.  Wholesale sales for Canada came in at 1.9% today from previous print of 2.1%.  Crude oil prices hit a two-and-half-week amid growing optimism about fuel demand recovery. WTI peaked above 79.000.