Investing.com – The US dollar was stronger against other currencies on Friday as US economic growth slowed less-than-expected, although trading pressures weighed on business.
The second quarter (GDP) rose at an annual rate of 2.1%, compared to 3.1% in the first quarter, compared to estimates for growth of 1.8%. Consumer spending increased by 4.3%, while exports rose by 5.2% and imports only by 0.1%, suggesting that US-China trade tensions weighed on expansion.
The US Federal Reserve reacts less aggressively to easing monetary policy. Investor expectations for a 50 basis point drop in policy rates this year dropped to 1
The Fed is expected to cut interest rates by at least 25 basis points at its next meeting on July 31st.
The one who measures the greenback's strength against a basket of six major currencies rose 0.1% to 97.667 9:04 ET (13:04 GMT).
The dollar has risen against the Japanese yen by 0.1% to 108.68.
Sterling continued to fall to a one-and-a-half-week low as uncertainty over Brexit cast a long shadow. Prime Minister Boris Johnson's promise to renegotiate Brexit was rejected on Thursday by EU officials. Outgoing European Commission President Jean-Claude Juncker said the deal was "the best and only possible deal", rising 0.1% to 1.1130 and 0.2% to 1.3186.
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