New York (ANTARA) – The U.S. dollar appreciated against a basket of other major currencies late in trading Thursday (Friday morning WIB), supported by strong GDP and employment data , which gave the Federal Reserve a possible basis to continue raising interest rates .
The dollar index, which measures greenbacks against six major rivals, it rose 0.42% to 103.3432 late in the session, hitting a two-week high.
The US economy grew at an annualized rate of 2% in the first quarter, much better than the previous estimate of 1.3%, according to data released by the US Bureau of Economic Analysis on Thursday (6/29) morning.
Also read: Dollar tumbles after ECB President’s ‘hawkish’ comments and US economic data
Meanwhile, US initial weekly jobless claims last week fell by 26,000 claims to 239,000 seasonally-adjusted claims, the biggest drop in 20 months and below economists’ expectations of 265,000 claims interviewed by Reuters.
Following the report, the yield on the US 2-year Treasury note hit its highest level since March 8, rising 16 basis points to 4.882%. The 10-year US Treasury yield rose 13.44 basis points to close at 3.846%, the highest since early March.
Speaking at an event hosted by the Spanish central bank on Thursday (June 29), Federal Reserve Chairman Powell indicated that the Fed would likely continue on its path of raising interest rates after a lull in the Beginning of the month.
Also Read: US Dollar Crashes Despite Better Economic Data
Additionally, Atlanta Federal Reserve Chairman Raphael Bostic said Thursday that the Fed will need to raise interest rates if growth prices fall below target or if inflation expectations begin to rise. evolve “the hard way”.
At the close of trading in New York, the euro fell to US$1.0867 from US$1.0922 the previous session, and the pound fell to US$1.2613 from US$1.2648 at the previous session.
The US Dollar bought 144.8870 Japanese Yen, higher from 144.3170 Japanese Yen in the previous session. The US dollar rose from 0.8965 Swiss francs to 0.8999 Swiss francs and fell to 1.3243 Canadian dollars from 1.3254 Canadian dollars. The US dollar fell from 10.7726 Swedish kronor to 10.8615 Swedish kronor.
This news was published on Antaranews.com with the title: The dollar rose on the strength of US GDP and employment data
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