US economic data trips the dollar
By DSIJ Team |
7/29/2017 12:36 PM Saturday
US dollar was lower on Friday’s trade as the underwhelming US economic data and political uncertainty kept traders biased towards euro and other world currencies.
The euro hit a session high after the release of US’ second-quarter gross domestic product estimates that largely met economists’ expectations.
The euro has risen nearly 3% against the dollar so far this month and more than 11.5% in the year to date. It is on track for its third weekly gain in a row and the fourth in five weeks.
On Friday, the euro moved higher against the dollar, and was last up 0.7% at USD 1.1756. On Thursday, the euro rose to its highest against the greenback in two and a half years before retreating in later trading.
The weakness of the dollar has been most evident against the euro this year, but it has fallen against most major currencies as expectations for US fiscal stimulus and an increased pace of overnight interest rate hikes from the Federal Reserve have dissipated.
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