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Dollar hovers near two-week high ahead of US GDP

Dollar hovers near two week high ahead of US GDP

The U.S. dollar rose against a basket of major currencies on Thursday, hovering near its highest level in two weeks, ahead of the U.S. final second-quarter gross domestic product.   

As of 08:15, the U.S dollar index, which measures the performance of six major currencies against the U.S dollar, rose 0.02 percent at 98.68, following its biggest daily gain in three months on Wednesday.

Later in the day, eyes will focus on the U.S annualized GDP, which is expected to remain unrevised at 2 percent expansion in the April-June quarter, following a 3.1 percent growth in the first three months of 2019.

The dollar plunged against the Japanese yen by 0.1 percent at 107.66, while slipped against the Swiss franc it was 0.22 up at 0.9940.

The impact on the dollar's performance came after U.S. President Donald Trump told reporters at the United Nations in New York on Wednesday that an agreement between the United States and China could come sooner than what they think.

Trump also said that the United States and Japan had reached a preliminary trade agreement.

This was after White House Speaker Nancy Pelosi said in a televised address on Tuesday that they would begin impeachment proceedings against the United States President.

As a summary of the administration's later call showed that Trump pressured Zelinsky to investigate former Vice President Joe Biden -- Trump's top Democratic rival -- but did not show Trump threatening to withhold aid.

The House investigation could lead to a Senate trial over Trump's removal, although it is unlikely to work because Republicans control the Senate.

Separately, the Fed sold on Wednesday another $75 billion in market repurchase agreements, or repos, in an ongoing effort to tranquil money markets and guide interest rates towards its targeted range.

Meanwhile, the yield on the 10-year U.S. Treasury fell 1.80 percent to 1.701 percent, while the lowest level was recorded at 1.694 percent.

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