The dollar climbed to two-month peaks on Friday and was on pace for a second str...
NEW YORK - The dollar climbed to two-month peaks on Friday and was on pace for a second straight weekly gain after data showed the world’s largest economy slowed at a less-than-expected pace in the second quarter.
Investors were disappointed by a lack of policy action from the European Central Bank at a meeting on Thursday. Their attention will now shift to a Federal Reserve meeting next week, where policymakers are expected to cut interest rates by a quarter of a percentage point. “You continue to see this theme that the U.S. is growing well, better than most G7 economies, consistent with dollar strength that we’re seeing on the back of this,” said Erik Nelson, currency strategist at Wells Fargo Securities in New York.
“So here is the Fed, faced with overall growth at trend created by the combination of a slowing business sector yet still strong consumption — a function of stable if slower employment growth and a strong stock market,” Blitz said.
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