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USD reacts to strong GDP growth – London Business News | Londonlovesbusiness.com
The US dollar recorded some volatility after economic data revealed stronger-than-expected growth in the second quarter.
The dollar rebounded to a certain extent notably against the yen after a series of losses, while the dollar index continued to trade sideways.
US GDP grew at a 2.8% annual rate last quarter, beating the 2% market expectation.
At the same time, jobless claims retreated slightly while durable goods orders declined significantly adding some uncertainty. However, markets continue to expect interest rate cuts to start in September.
The latter could continue to weigh on the dollar and treasury yields while additional rate cuts are anticipated for this year. Looking ahead, the dollar might stay volatile before the release of key inflation data tomorrow, with the core PCE Price Index expected to hold at 0.1% for June. A weaker-than-expected PCE figure could further weaken the dollar and push Treasury yields lower, as hopes for a softer monetary policy strengthen.
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