Dollar higher ahead of U.S. GDP data while stocks struggle for direction

Dollar higher ahead of U.S. GDP data while stocks struggle for direction

30 July 2015, 14:32
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The greenback continued to be supported against its rivals on Thursday as investors awaited U.S. GDP numbers due later in the day.

The U.S. dollar index was up 0.34% to hit 97.55.

The key event for market players is likely to be the release of U.S. second-quarter gross domestic product data due at 8:30 a.m. Analysts mostly expect that the economy rebounded following a contraction in the first quarter after an unusually harsh winter. Analysts expect second-quarter GDP rose at a 2.5% annual clip, bouncing back from a negative 0.2% reading in the first quarter.

Other data includes the weekly jobless claims and a new (very first time) advance trade in goods report. 

EUR/USD was down 0.35% to 1.0947 from 1.0983 late Wednesday.

The dollar rose to almost two-week highs against the yen, with USD/JPY up 0.40% to 124.44.

The greenback climbed to three month highs against the Swiss franc, with USD/CHF up 0.36% to 0.9710, but was slightly lower against the pound, with GBP/USD up 0.10% to 1.5617.

Meanwhile, U.S. stocks were fluctuating as investors stayed on the sidelines ahead of second-quarter growth data that could also impact the timing of the first Federal Reserve interest-rate hike.

Futures for the Dow Jones Industrial Average dropped 8 points, or 0.1%, to 17,673, while those for the S&P 500 index fell 1.50 points, or 0.1%, to 2,100.

Futures for the Nasdaq 100 index added 4.25 points, or 0.1%, to 4,569.25.

In Asia, the Shanghai Composite closed with a 2.2% drop, but Japan's Nikkei got a 1% lift from a weak yen.

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