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The U.S. dollar gained against most of its major rivals on Thursday, amid growing signs of global economic slowdown.
Data from the U.S. Commerce Department showed a drop in U.S. GDP reading for the final quarter of 2018. The data showed U.S. economic growth slowed by more than previously estimated in the fourth quarter.
The report said GDP climbed by 2.2% percent in the fourth quarter compared to the previously reported 2.6% increase. Economists had expected the pace of growth to be downwardly revised to 2.4%.
With the downward revision, the pace of GDP growth in the fourth quarter is notably slower than the 3.4% jump in the third quarter.
The U.S. Federal Reserve described its current policy as being "patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate." The central bank downgraded its assessment of the economy, and in its Summary of Economic Projections (SEP) it downgraded its economic forecasts.
The European Central Bank President Mario Draghi said earlier this week that "adjusting forward rate guidance" is an option to fulfill the bank's inflation target of close but below 2%, hints at monetary policy easing by the central bank.
The Reserve Bank of New Zealand joined the list of central banks that came out with dovish comments about monetary policy outlooks, given the state of global economy.
The New Zealand central bank today left its key policy rates unchanged and hinted that its next move with regard to interest rates will be a cut.
The dollar index gained nearly 0.4%, rising to 97.30.
The greenback exhibited notable strength against most of its rivals.
Amid growing prospects of a chaotic Brexit, the pound sterling traded weak against the greenback, with a unit of euro fetching $1.3058, down by about 1% from previous close of $1.3191.
On Wednesday night, the British Lawmakers rejected all alternative Brexit plans. The European Union had said earlier that if Parliament supported a modified deal, it would extend the exit deadline to May 22, but in the event of the parliament rejecting it again, then Britain has time only till April 12 to plan its moves.
Against the Euro, the dollar was up 0.17% at $1.1223
The Japanese yen was down by about 0.1% against the dollar, trading at 110.61 yen.
The Aussie was down 0.1% against the U.S. dollar. The greenback was stronger against Swiss franc and the Canadian loonie, gaining 0.1% and 0.25%, respectively, with USD/CHF and USD/CAD pairs trading at 0.9959 and 1.3442.
