Dollar still trailing as US waits for economic growth figures

Alys Key
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Dow Jones Industrials Average Soars, Passing 9,000 Mark
Investors are waiting to see the GDP data (Source: Getty)

The dollar is still trailing after hitting a 13-month low yesterday, while the market awaits figures on US GDP for the second quarter.

The currency fell against its major peers overnight, reaching 93.82 on the dollar index. But it has edged back up slightly to a wobbly 93.84 with GDP figures on the horizon.

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The dollar hit a 13-month low after the Fed signalled it would not hike interest rates, but treasury yields later rose as some positive data on the US economy came out.

But the market will now be looking out for today's announcement of second quarter GDP in the US, released at 1.30pm London time.

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Meanwhile gold prices, which hit another high yesterday, steadied as investors waited on the GDP release before making further moves.

The American economy is expected to have grown around 2.6 per cent in the second quarter, up from 1.4 per cent in the first quarter.

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