Dollar declines as GDP data underwhelms
The U.S. dollar was broadly lower on Friday as a combination of underwhelming U.S. economic data and political uncertainty kept traders biased toward the euro and other world currencies.
The euro hit a session high after the release of U.S. second-quarter gross domestic product estimates that largely met economists’ expectations.
Some analysts pointed to a smaller-than-expected increase in U.S. labor costs, but others suggested the data was just an excuse for traders to continue the weak dollar trade that has sent the U.S. currency lower for much of this year.
PG View: Dollar weakness bodes well for the uptrend in gold.