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Dollar strengthens before U.S. GDP data
Friday, 27 July 2018 19:29 WIB | CURRENCIES |DOLLARDolar AS

The dollar rose on Friday to its highest level in five days as investors waited to see if U.S. economic growth figures do anything to interrupt its months of strength.

U.S. President Donald Trump has expressed displeasure over the dollar™s strength, ignoring a custom that U.S. leaders avoid openly interfering in financial markets.

But the currency on Friday edged up towards a one-year peak scaled last week, gaining 0.2 against a basket of its peers to reach 94.910, a five-day high.

The euro meanwhile remained stuck in the red in the wake of the European Central Bank on Thursday reiterating its plan to slowly end its accommodative monetary policy.

Traders are braced for a potentially strong reading of U.S. gross domestic product (GDP) data, set for release later on Friday.

At 11:30 GMT the euro was down 0.2 percent at $1.1627.

The U.S. currency was 0.1 percent lower at 111.135 yen, unable to hold gains after rising briefly to 111.25.

The pound was down 0.1 percent at $1.3094. It had dropped 0.6 percent overnight as a stronger dollar and growing uncertainty over Brexit negotiations offset the positive impact of bets on a Bank of England interest rate rise next week.

Source: Reuters

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