Signs of US Growth Propel Dollar Higher
The US dollar jumped as signs of economic growth in the United States fueled speculations about possible quantitative easing tampering by the Federal Reserve in September.
US economic growth accelerated from 1.1 percent in the first quarter of this year to 2.7 percent in the second quarter, according to the preliminary estimate. It was above the advance estimate of 1.7 percent and the median forecast of 2.2 percent. Unemployment claims decreased from 337,000 to 331,000 last week, in line with expectations.
EUR/USD traded at 1.3242 as of 1:11 GMT today after sinking from 1.3337 to 1.3239 yesterday. GBP/USD was near 1.5512 after the fall from 1.5523 to 1.5502. USD/JPY traded at about 98.26 following the advance from 97.62 to 98.33.
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Earlier News About the US Dollar:
- Dollar Strong on Syria (2013-08-29)
- Dollar Attempts to Maintain Rally, Fails (2013-08-27)
- Dollar Fluctuates as Speculations About QE Tampering Continue (2013-08-26)
- Another Difficult Week for Dollar Traders Ahead? Very Likely (2013-08-26)
- Another Volatile Week for US Dollar Ended (2013-08-24)