The dollar rose against most major currencies during trading on Thursday, supported by the release of positive economic data in the United States.
Data released on Thursday showed that the second reading of gross domestic product in the United States grew by 3% in the second quarter, compared with preliminary estimates of growth of 2.8%, and up from 1.4% in the first quarter.
U.S. Labor Department data released on Thursday showed the number of initial jobless claims fell by 2,000 to 231,000 in the week ended Aug. 24, compared with expectations of a further decline to 230,000 applications, from the previous week’s revised reading by a thousand to 233,000.
Investors await the release of personal consumption expenditure data, which is the Federal Reserve’s preferred indicator for measuring inflation, on Friday, in the hope of boosting their expectations of a rate cut in September.
On the trading front, the dollar index rose by 21:21 GMT by 0.3% to 101.4 points, recording a high of 101.5 points and a low of 100.5 points.
Canadian Dollar
The Canadian dollar was flat against its US counterpart by 21:36 GMT at 0.7416.
Government data showed Canada’s current account index posted a deficit of C$8.5 billion in June, while analysts had forecast a deficit of C$6 billion.
Euro
By 21:37 GMT, the EUR/USD was down 0.4% at 1.1079.
Economic data in Germany showed that the consumer price inflation index fell by 0.1 percent in August compared to expectations of price stability unchanged.
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