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US Dollar Rising After Slightly Slowing Second Quarter GDP By Investing.com




© Reuters.

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

9.4%, and the odds for three key interest rate cuts fall slightly.

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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