Currency Note US Dollar

Good day for the US dollar thanks to accelerating growth

By Ricky Bean July 31st, 2015

Yesterday saw the release of accelerated US Gross Domestic Product (GDP) data, which showed that the US economy had grown in the second quarter of 2015; this added further support to the possibility of a rate hike later in the coming months. The US Commerce department stated that the GDP had grown at an annual rate of 2.3%, with first quarter growth also revised up to 0.6%. This news saw the US dollar make gains against other major currency pairs such as the euro and sterling.

Today is a relatively quiet day for the dollar in the wake of all the speculation surrounding a potential rate hike that has been taking place throughout the week. In the afternoon, we should see the release of state based Purchasing Managers’ Index (PMI) data in Chicago – but little other data being released it could be a quiet week.