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US dollar little changed ahead of Trump-Xi meeting

 dollar little changed ahead of Trump Xi meeting

The US dollar remains steady against a basket of major currencies on Thursday after the release of U.S. GDP, with investors waiting for the outcome of the Group of 20 meeting in Japan.

The third and final reading of Gross Domestic Product released on Thursday showed that the U.S. economy grew 3.1% in the first quarter, compared with 2.2 percent in the same period last year, unrevised from the second reading.

Another report showed that initial jobless claims rose in the United States to the highest level in 7 weeks after recording 217,000 last week.

The dollar Index was little changed after the GDP report, where it is currently trading at 95.74, compared to the session’s open at 95.72. Yet, the six-currency gauge may lock its third straight daily gain.  

The South China Morning Post said an agreement between President Trump and his Chinese counterpart would delay the pending Trump tour of additional tariffs on Chinese goods.

Trump mentioned on Wednesday that the deal was possible, although he is still ready to impose tariffs on all China's imports to the United States. The White House confirmed that Trump and Xi will hold a bilateral meeting on Saturday morning in Japan on the sidelines of G20 summit.

In the past week and early this week, the US dollar was hit by a 6-month low against the Fed's cautious outlook, but recovered slightly with comments by Federal Reserve Chairman Jerome Powell, who added uncertainty about the rate cut at the next meeting.

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