US dollar trades in the doldrums as rates and data weigh on outlook

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Financial Times 12h ago

US dollar trades in the doldrums as rates and data weigh on outlook - Financial Times

Quick Summary:

It currently shows the US GDP is expected to grow 3 per cent year on year in the third quarter.“Numbers like retail sales and the Atlanta Fed’s Nowcast are telling us that the US economy is still on a strong footing, despite a deceleration.

At the same time, the appreciation of other major currencies has put downward pressure on the dollar, with the yen strengthening past ¥140 to the greenback this week for the first time since July last year.

The US dollar is languishing near one-year lows, in the latest sign of uncertainty gripping Wall Street traders as they brace for the Federal Reserve’s looming interest rate decision.