Greenback tacks on ahead of GDP data

Greenback tacks on ahead of GDP data

On Friday, the evergreen buck rallied because traders awaited data on the strength of the American economy for the second-quarter.

Estimating the purchasing power of the major American currency against its main counterparts, the USD index managed to gain by up to 0.06% coming up with a reading of 94.63.

The second-quarter gross domestic product is expected to be uncovered soon. Market participants are going to monitor the numbers for clues of a strengthening American economy, with many investors hoping that the American economy would record its most impressive expansion for four years. On Thursday, US leader suggested that the American economy would manage to expand by approximately 4%.  

Firm economic surge would undoubtedly underpin hopes for the major American bank to keep gradually lifting interest rates.

In addition to this, the evergreen buck was also underpinned by trade negotiations between America and the European bloc. US leader and European Commission President Jean-Claude Juncker met on Wednesday and made up their mind to stay away from slapping car duties as the countries started talks to have trade barriers removed.

The evergreen buck headed south versus the safe-haven Japanese yen. As a matter of fact, the currency pair USD/JPY inched down about 0.04% ending up with an outcome of 111.18. As a rule, in times of uncertainty, market participants are used to investing in Japan’s currency, has a reputation of a safe asset during tough times.

Besides this, the British pound slumped. The currency pair GBP/USD inched down 0.10% trading at 1.3096. The common currency dived. The currency pair EUR/USD dipped by 0.10% hitting 1.1630.

As for the Australian dollar, it stood still. The currency pair AUD/USD stuck with 0.7376. Additionally, the currency pair NZD/USD dived 0.29% showing 0.6768. As for the Canadian dollar, it managed to ascend versus the US currency. USD/CAD slumped 0.05% reaching 1.3065.

 

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