US dollar gains after GDP data backs smaller Fed cut in September

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NEW YORK : The U.S.dollar rose on Thursday after data showed the world's largest economy grew a little faster than expected in the second quarter, modestly reducing expectations for a larger 50 basis point interest rate cut next month by the Federal Reserve.

Economists polled by Reuters had forecast GDP would be unrevised at a 2.8 per cent pace.

On the week, it has gained 0.7 per cent, on track for its largest weekly rise since early April.

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Category: EconomyBusiness

Markets: SingaporeGermanySpainUnited States

Topics: Cent Rate Dollar Pace Basis Month Report Seen Week Point Data

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-29 @ 16:59:49 (3 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 976 words

Reading Time: 6 minutes read

Sentences: 32 lines

Sentence Length: 31 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 22299382

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 9 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 3 hours ago

Coverage Areas: Singapore

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Publisher ID: #27

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