Dollar stands tall against yen ahead of U.S. GDP data
The dollar stood tall against the yen in Asian trading on Friday, on track for weekly gains against most rivals, as investors waited for U.S. third quarter growth data later in the day.
Against a basket of six major currencies, the dollar edged up to 98.929 .DXY, on track to rise 0.2 percent for the week in which it touched a nearly nine-month high of 99.119.
Growth Rebound in U.S.
The U.S. economy’s third-quarter scorecard on Friday will probably show a notable pickup in growth following a sluggish first half.
Gross domestic product rose at a 2.6 percent annualized rate, according to the median estimate in a Bloomberg survey, after averaging 1.1 percent in the previous six months. With the biggest part of the economy -- consumer spending -- moderating, much of the projected pickup stems from a narrower trade deficit and a rebuilding of inventories.
Oil prices dipped on Friday
Oil prices dipped early on Friday, weighed down by lingering doubts over whether OPEC can coordinate a crude production cut big enough to rein in oversupply that has dogged markets for two years.
International Brent crude oil futures LCOc1 were trading at $50.39 per barrel at 0033 GMT, down 8 cents from their last close.
U.S. West Texas Intermediate (WTI) crude was down 5 cents at $49.67 a barrel.
Reference: Reuters
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