Shutterstock photo
Markets

Forex - Dollar index at 6-month highs ahead of GDP, Fed

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The dollar was trading at six-month highs against a basket of other major currencies on Wednesday ahead of a preliminary report on U.S. second quarter growth and the outcome of the Federal Reserve's latest policy meeting later in the day.

The U.S. was to release the preliminary estimate on second quarter gross domestic product growth later Wednesday, which was to be followed by the conclusion of the Fed's latest policy meeting later in the day.

Investors were also awaiting the U.S. nonfarm payrolls report for July on Friday.

Earlier this month Fed Chair Janet Yellen said that rates could rise sooner if the recovery in the labor market continued.

The dollar has strengthened in recent sessions as economic data indicated that the recovery is gaining traction. A report by the Commerce Board on Tuesday showed that U.S. consumer confidence rose to the highest level in seven years this month.

EUR/USD was trading at 1.3405, the lowest level since November 21.

The euro remained under heavy selling pressure amid concerns over the divergence in monetary policy between the European Central Bank and its major peers.

USD/JPY was at 102.15, the highest since July 7, while USD/CHF close to six month peaks at 0.9073.

Sterling edged down to one-and-a-half month lows, with GBP/USD dipping 0.05% to 1.6934.

The New Zealand dollar was also close to one-and-a-half month lows, with NZD/USD at 0.8507. The Australian and Canadian dollars were also weaker, with AUD/USD slipping 0.10% to 0.9374 and USD/CAD easing up 0.11% to 1.0864.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.08% to 81.38, the most since early February.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx