Prime News: US dollar escalates following upbeat data, better risk appetite

The US dollar accelerated Friday after an upbeat US data and as investors continued to scale back on safe-haven currencies.

According to the Commerce Department, US gross domestic product grew at 3.7% in the second quarter, previously 2.3%.

The greenback stood at $1.1200 per euro and $1.5412 per British pound. Against the Japanese yen, the dollar traded at ¥121.00.

Today’s US economic growth accrues to the positive flow of locally-focused “US data the Fed desires to see,” said analysts at Citi.

However, projections for a September interest rate hike have dwindled following some Federal Reserve officials seemed a bit more cautious, citing sluggish Chinese growth and global market turmoil.

The material has been provided by InstaForex Company –