Forex - U.S. Dollar Steady Ahead of GDP Data
Investing.com - The dollar was down slightly but remained near a 10-week high on Friday as investors waited for quarterly economic data.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched down 0.06% 96.40 by 4:55 AM ET (8:55 GMT).
Investors are waiting for third quarter U.S. gross domestic product data at 8:30 AM ET (12:30 GMT) to see if the economy has progressed enough for the Federal Reserve to continue raising rates.
A strong reading could cause the greenback to strengthen even more.
The U.S. economy is expected to have grown 3.3% the third quarter, compared to 4.2% in the second quarter.
Meanwhile the euro remained under pressure after European Central Bank President Mario Draghi indicated the central bank could extend its asset purchase program. He said Thursday at the post-decision press conference that accommodation remained necessary. The central bank made no changes to its monetary policy, as expected.
EUR/USD inched down 0.02% to 1.1371, its lowest level in nearly two months.
Sterling was flat, with GBP/USD falling 0.01% near a two-month low of 1.2816.