US dollar rises from 3 month lows

Daily Currency Update

The US dollar has rebounded from its lowest point in over three months. This uptick was driven by new data revealing a faster-than-anticipated growth in the US economy during the third quarter. This positive information prompted investors to solidify their positions, particularly after experiencing four consecutive days of losses.

Although the USD saw gains against the euro and a composite index of six significant currencies, it is noteworthy that it is still set to register its most substantial monthly decline since November 2022. This decline is attributed to increasing expectations that the Federal Reserve will implement interest rate cuts in the first half of 2024.