US Dollar Trading Steady Ahead of Second Estimate of Q3 GDP

On Thursday, the US dollar remained mostly unchanged despite news of Trump's impeachment vote in the House of Representatives and the

Arslan Butt•Friday, December 20, 2019•1 min read

Early on Friday, the US dollar is trading steady in anticipation of the GDP data releasing later today. At the time of writing, the US dollar index DXY is trading at around 97.43.

On Thursday, the US dollar remained mostly unchanged despite news of Trump’s impeachment vote in the House of Representatives and the release of disappointing Philly Fed manufacturing data. The greenback enjoyed some support despite the weak economic data after Fed officials hinted at pausing rate cuts for sometime and suggesting that the US economy is expected witness moderate growth into 2020.

The second revision of Q3 GDP is due later today and expectations are that it will remain steady at 2.1%. The initial release earlier had pegged Q3 GDP at 1.9%, which was revised to 2.1%.

Trump’s impeachment, meanwhile, failed to move the US dollar as markets widely anticipate the Senate to turn down the proceedings as Republicans enjoy a majority there. In all likelihood, President Trump is likely to be acquitted and hold on to his office.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.