The dollar started the week close to a six-year peak against the yen and touched a fresh four-year high against a basket of currencies, getting a tailwind from data showing higher U.S. growth in the second quarter.
The Commerce Department on Friday raised its estimate of gross domestic product to show the economy expanded at a 4.6 percent annual rate – its fastest pace in 2-1/2 years. The pick up in the economy was broad-based and highlighted a faster pace of business spending and sturdier export growth than previously estimated.
Speculators raised their bullish bets on the U.S. dollar in the week ended Sept. 23, as the greenback extended its winning weekly streak against a basket of currencies, according to the latest data from the Commodity Futures Trading Commission released on Friday. The value of the dollar’s net long position rose to $35.81 billion from $31.42 billion the previous week.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015