© Reuters. The US dollar index compensates for its losses after growth and unemployment data
Arabictrader.com – DXY is trading up 0.20%, above 93.00 points, and is compensating for its losses recorded during yesterday’s trading. Benefiting from the positive review of US economic growth data in the first quarter of 2021. It is rising despite the economy recording lower-than-expected growth.
Overall, the US economy grew slightly faster than initially thought in the second quarter, raising the level of gross domestic product above its pre-pandemic peak, as massive fiscal stimulus and COVID-19 vaccines boosted spending.
On Thursday, the US Commerce Department said gross domestic product rose at an annual rate of 6.6%, in its second estimate of second-quarter GDP growth during the April-June period. The first quarter growth was revised to 6.5%. Compared to market expectations of a growth of 6.7%.
The upward adjustments to GDP growth in the second quarter reflected a much stronger pace of consumer spending than initially expected. The government cashed one-time stimulus checks to some middle- and low-income families during the quarter.
The Federal Reserve maintained an accommodative stance in monetary policy, keeping interest rates at historically low levels and boosting stock market prices.
Consumer spending, which accounts for more than two-thirds of the US economy, has also gotten from vaccinations, driving demand for services such as air travel, hotel accommodations and dining out as well as entertainment.
But momentum appears to have slowed in the early third quarter amid a resurgence of new COVID-19 infections driven by the delta mutant of the coronavirus.
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