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Due to strong data-driven momentum, the US Dollar is poised to achieve its longest winning streak since February.
BlockBeats News, July 30th, the latest data shows that the U.S. economy is strong, and the dollar is heading towards its longest continuous rally since February. The Bloomberg Dollar Spot Index rose 0.3%, reaching its highest level since June 23rd, with the index rising for the fifth consecutive trading day.
The U.S. economic growth and inflation data released on Wednesday were both above expectations, supporting the Federal Reserve's hawkish stance. Second-quarter U.S. economic activity rebounded as consumer spending picked up slightly, and the Fed's preferred inflation gauge, core PCE, rose 2.5% year-on-year.
At the same time, ADP private sector employment data shows that the labor market remains strong. Valentin Marinov, head of G10 currency strategy at Credit Agricole CIB, said, "The market may perceive this data as implying that the Fed's future rate cuts will be slower and more delayed. If Fed Chair Powell continues to maintain his current relatively neutral policy outlook, the dollar's interest rate appeal may further increase." (FXStreet)
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