Dollar up as private job growth, GDP beat
NEW YORK (MarketWatch) — The U.S. dollar rose Wednesday after data showed the economy grew more than expected in the second quarter, ahead of the Federal Reserve’s monetary-policy statement.
The Commerce Department said the U.S. economy grew at an annual rate of 1.7% in the second quarter, more than expectations of 1.0%. Increases in consumer spending and business investment helped mask a jump in imports and decline in federal spending.
Separately, payroll processor Automatic Data Processing said the U.S. private sector in July added 200,000 jobs, more than analyst expectations of an additional 185,000 jobs.
The ICE dollar index +0.33% , a gauge of the greenback’s movement against six other major currencies, rose to 82.073, up from 81.815 late Tuesday in North America.
The WSJ Dollar Index +0.44% , which measures the currency’s moves against a slightly wider basket, rose to 74.38 from 74.12.