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U.S. Dollar Holds Strength to Start New Week

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.

CNBC [1]

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