US Dollar Continues Move Upward

The US dollar extended its yesterday’s rally today, rising against most of its major peers, even though US economic growth was somewhat disappointing last quarter. The Great Britain pound attempted to resist the dollar’s strength but was unable to keep gains.
According to the first (advance) estimate, US gross domestic product grew 2.3 percent in the second quarter of 2015, less than economists had predicted — 2.6 percent. Still, the growth was far better than the first quarter’s 0.6 percent. A separate report showed that unemployment claims increased by 12,000 to 267,000 last week.
While it is hard to call today’s data positive, the dollar was not disturbed by it. Yesterday’s policy statement of the Federal Reserve was hawkish enough to continue carrying the greenback higher today.
EUR/USD dropped from 1.0981 to 1.0913 as of 15:58 GMT today. GBP/USD had attempted to rally from 1.5592 to 1.5639 but failed and pulled back to 1.5579. USD/CHF advanced from 0.9668 to 0.9696, trading near the highest level since April.

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