Will the US economy help the greenback?
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
Greenback slumps vs. euro ahead of G7 summit
On Thursday, the evergreen buck declined against most currencies of developed countries, including the common currency and the Japanese yen ahead of the G7 gathering at the level of heads of state and government in Canada.
The common currency hit $1,1805 in contrast with $1,1774 at the close of previous trading session. Previously, the euro managed to tack on nearly 0.5% in this pair and got to a peak of two weeks.
The surge of the common currency keeps backing the statements of the leaders of the EU’s key financial institution as for the likelihood of completing the quantitative easing program before the end of 2018.
Meanwhile, versus the Japanese national currency, the evergreen buck dived to about 110.04 yen from 110.18 yen.
Against the Japanese yen the euro demonstrated a reading of 129.88 yen versus 129.74 yen just the day before.
As for the ICE Dollar Index, it slumped about 0.1%.
As a matter of fact, the summit of the "Group of Seven" is expected to burst out on Friday in La Malba (Quebec, Canada). Moreover, it’s anticipated that one of its key themes are going to be the trade disagreements of six G7 participants with the United States because of American tariffs on steel as well as aluminum.
The evergreen buck found itself under pressure because the tension in trade matters seems to go up before the G7 gathering. Uncertainty over the outcome of the gathering is edging up. It is due to the fact that there’s a clear clash between the United States of America and other nations. That’s what some market experts uncovered.
By the way, Larry Kadlow, American economic adviser dared to call the given trade disagreement before the G7 highly anticipated summit a banal family quarrel.
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