The dollar traded north yesterday after preliminary data showed that US GDP growth slowed to +2.6% qoq SAAR from 3.4% in Q3. Although this was in line with consensus according to some economic calendars, it was better than expected according to others, and prompted investors to reduce their bets with regards to a Fed rate cut. As for today, EUR-traders are likely to turn their attention to Eurozone’s inflation data for February, as they try to assess whether the ECB will hike later this year (or not).
Dollar Strengthens After Preliminary US GDP Data
The dollar traded higher or unchanged against all but one of the other G10 currencies on Thursday. It gained against AUD, JPY, NZD and GBP, while it traded virtually unchanged against EUR, CAD, CHF, and NOK. The only currency that managed to eke out some gains was SEK.
The dollar came under buying interest yesterday after preliminary data showed that US GDP growth slowed to +2.6% qoq SAAR from 3.4% in Q3. Although this was inline with consensus according to some economic calendars, it was...
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