In spite of the robust release of unemployment claims data form the nation, US Dollar Index traded lower by 0.52 percent yesterday. Reason behind this could be attributed to thin trading volumes on account of New Year holidays that prompted the traders to book yearly profits.
In the last week, traders digested the robust release of real GDP data that increased at an annual rate of 3.5 percent in the third quarter of 2016 from 3.2 percent underlining the view that the American economy is strong enough to warrant further interest rate hikes in 2017.
Furthermore, the hawkish comment by the US Fed Chair acted as a positive factor. She said that the US job market was at its strongest point since 2008 financial crisis and there were signs that workers will start to see the benefits in their paychecks.
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