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The dollar was mixed after US GDP data in the second quarter

2019-08-29 01:04 pm | Resource: News | No Views : 45

 The dollar was mixed after US GDP data in the second quarter

The Yen and the Swiss Franc also fell against the Dollar during Thursday's trading amid optimism about the future of trade negotiations between the US and China, which reduced demand for safe havens.

US GDP growth declined by 2.0% in the second quarter

On the data front, a Commerce Department report on Thursday showed that the growth rate in US economic activity slowed slightly more than preliminary estimates in the second quarter. The Commerce Department said gross domestic product rose 2.0 percent in the second quarter, compared with the previously reported growth of 2.1 percent. The downward revision was in line with economists' estimates.

The second quarter's revised GDP growth compared with a jump of 3.1 percent in the first quarter's GDP.

China: We will not respond now to the new US tariffs and prefer to stop the trade war

China has signaled that it will not retaliate against the recent increase in tariffs announced by President Donald Trump last week, stressing the need to discuss ways to stop the trade war between the world's two largest economies. Gao Feng, spokesman for the Ministry of Commerce, told reporters in Beijing: China has enough means of retaliation, but believes it is more important now to discuss the abolition of new tariffs to prevent the escalation of trade war.

Meanwhile, as the US-China trade war has worsened in previous months, Beijing led an inter-agency effort to assess the exposure of local technology companies to US suppliers and their ability to fight further trade war shocks, the Wall Street Journal reported, citing sources familiar with Thursday.

According to sources, officials from the National Development and Reform Commission and ministries of commerce and industry have inquired about some local companies about the structure of the supply chain and dependence on US suppliers. Gathering local businesses is part of Beijing's long-term goal of gradually cutting dependence on US technology and its efforts to ensure that Chinese companies do not bear the weight of the many measures and countermeasures imposed so far.

 Dollar trades against major currencies

• The dollar index rose against the major currencies by 0.08% to settle at 98.30 points.
• The euro fell against the dollar by 0.05% to trade the euro dollar at 1.1072.
• Against the Pound, the greenback gained 0.04% to trade at 1.2204.
• The greenback was up 0.13% to trade at 106.260 Yen.
• The Swiss franc slipped 0.11% to trade at 0.9826. 


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