Forex – U.S. Dollar Unchanged Ahead of Revised GDP Data

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Forex – U.S. Dollar Unchanged Ahead of Revised GDP Data

© Reuters. – The was unchanged on Thursday in Asia. Investors remained cautious as they await the first-quarter revised GDP due later in the day, followed by the Federal Reserves preferred measure of inflation Friday.

The U.S. dollar index that tracks the greenback against a basket of other currencies was unchanged at 98.032 by 1:35AM ET (05:35 GMT).

"The outlook for global growth, and any drag from the festering trade dispute, remain key issues for markets," said Michael McCarthy, Sydney-based chief market strategist at CMC Markets, in a note that was cited by Reuters.

"The data over the next twenty-four hours has potential to either confirm or dispel the gloom," he said.

The pair slipped 0.1% to 6.9088.

Trade tension remained in focus after Chinese newspapers warned that Beijing could use rare earth elements to strike back at the U.S.

Separately, Chinese Vice Foreign Minister Zhang Hanhui said on Thursday that provoking trade disputes is "naked economic terrorism,” a couple days after U.S. President Donald Trump said Washington is “not ready for a deal” with China.

The greenback has been the preferred choice of safe-haven currency in times of market turmoil and political tensions this year.

The Japanese yen, another safe-haven, remained relatively weak due to domestic investors' demand for dollars, analysts said.

"As there's persistent yen-selling and dollar-buying from Japanese investors when the rate approaches the 109.10 yen per dollar level, it's not easy for the yen to rise above the 109 level," said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

The pair last traded at 109.65, up 0.1%.

The pair and the pair both gained 0.2%.

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