The dollar is growing steadily

The dollar is growing steadily

Posted on August 8, 2017, 12:12 PM

The dollar keeps its growth at Thursday’s auctions; the new data coming from the US showed that in the second quarter economic growth in the country exceeded the experts’ forecasts significantly.

The US GDP increased by 3.7 percent at an annual rate in the second quarter, while the forecast had been 3.2%. The number of people applying for unemployment benefits for the first time fell by 6 000 that is from 277,000 to 271,000 last week. It had been expected that the drop would be only 3 000.

Today the dollar index has risen 0.39% to 93.30. The greenback reduces profit against the yen, the dollar/yen currency pair is at the 110.30 level, losing 0.46% during the day.

Against the Euro the dollar increased by 0.05% to 1.1806. It is worth noting that the single currency reached its two-year high last week as the investors had been seeking some safe assets. The dollar gained against the pound, so the pound/dollar currency pair lost -0.23% to 1.3020, the EUR/USD currency pair is going up 0.43% to 0.9724. Meanwhile the Canadian dollar gained 0.38 percent against the greenback to 1.2673.

It has become known today that Australian business confidence index in July rose up to 12. The June figure was reconsidered from 9 to 8. It is a very good indicator.

Besides, Australian National Bank published the business environment condition index over the same period, which amounted to 15, and the last figure was reconsidered from 15 to 14.

Thus supported by the data release, the Aussie is now being traded slightly higher with support at 0.7910 and the resistance at 0.7971.

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