US dollar is gaining ground against its major counterparts today after the release of the latest GDP data. An improving US economy is boosting the possibility of a rate hike later this year.
After the Federal Reserve raised rates slightly in December, many analysts thought that there wouldn’t be another rate hike for quite some time. Unrest and other problems led to concerns about the economy. However, data continues to show solid progress, and the latest revised GDP numbers tell that story.
The latest news release is that the Q4 GDP data for the United States was revised upward, and that has many taking another look at the Federal Reserve’s options. After all, unemployment remains low, and other indicators are that the US economy is making a reasonable recovery. As a result, some think that the Fed might decide to hike rates again late in the year, and that is helping the US dollar today against most of its major counterparts.
At 15:18 GMT the US dollar index is up to 98.021 from the open at 97.352. EUR/USD is lower, falling to 1.0957 from the open at 1.1025. GBP/USD is down to 1.3903 from the open at 1.2964. USD/JPY is higher, moving up to 113.6750 from the open at 112.9440.
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