Commodity News
HeadLine : Dollar stalls after bounce, U.S. GDP awaited for potential support
Date : Jul 28 2017
The dollar stalled against its major peers on Friday, its mild bounce earlier petering out ahead of the second quarter U.S. economic growth data due later in the session.The dollar index against a basket of six major currencies was flat at 93.872 (DXY) after edging up 0.2 percent the previous day.The greenback, which had sunk to a 13-month low midweek after the Federal Reserve's policy statement suggested it was in no hurry to raise interest rates again, received a lift on Thursday as Treasury yields rose on the back of upbeat U.S. durable goods and trade data.Market focus was now on the second quarter U.S. gross domestic product data due at 1230 GMT.

Economists expect the world's no. 1 economy to have grown around 2.6 percent in the second quarter, from 1.4 percent in the first quarter. A solid outcome will no doubt give the beleaguered dollar some respite from the recent selloff.Dollar bulls have not had much to cheer about recently, hobbled by investigations into U.S. President Donald Trump administration's ties to Russia and the reduced likelihood of tax reform and infrastructure spending being enacted soon."The dollar's fall after the Fed meeting looked overdone, so it was natural for it to rebound," said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

Source: Investing.com
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