US dollar rose today, to continue jumping for the second consecutive day to week-high, on strong demand on dollar as the best investment in the forex market, ahead of the release of the US final GDP reading for Q2.
The dollar index rose by 0.3% to 99.13 points (highest since September 3rd), from the opening of 98.96, with an intraday of 98.86.
Dollar rose by 0.7% yesterday, its third daily gain in the last 4 days, the largest since September 16th.
This jump comes on strong demand as the best investment in the forex market, as other major currencies are under pressures, especially Euro and Sterling.
As Euro faces concerns about an European recession, which could pressure the ECB to take new stimulus measures at its next meetings, and the pound faces Brexit uncertainty and the bleak outlook for the British economy.
President Trump, stated that the US and China are having constructive talks and hinted that a trade deal could happen sooner than expected.
These remarks have renewed the market's hopes about a final end to the ongoing trade war that have greatly impacted both countries' economies, and will eventually lead to a better economic outlook which may help the US Fed to slow down its monetary policy approach.
Investors are anticipating key data on the US economy growth rates during Q2, and in case of positive data dollar will continue to rise.
By 12:30 GMT, the US economy will release its final GDP reading for Q2, with forecasts of a rise by 2.0% as the previous reading, vs a rise by 3.1% in Q1.