Dollar Gains Ahead of Data Release – 25 July, 2019

Ahead of the release important U.S. economic data, the dollar held firm at a two week high versus the yen, while the euro was unchanged after the European Central Bank decided not to changed their policy. The dollar last stood at 108.675 yen, just below the recent two week high of 108.755 yen. In its biggest weekly gains since March, the dollar is on track to rise a total of 0.9%. The dollar index was last standing at 97.791, up 0.7% for the week and just below a two month high of 98.173. Anticipation of the release of data has speculators estimating that U.S. economic growth dropped 1.8% from 3.1% the previous quarter, with the Federal Reserve widely expected to drop interest rates later this month. The euro managed to recover from a two month low of $1.1102 to $1.1143, having dropped 0.7% this week. Sterling is on track for a 0.5% weekly loss as it hit the $1.2455 mark.