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Dollar Strength Set To Continue

Sterling, which has been hurt this week by dollar strength, also the negotiations between the conservative party and labour to reach a compromise on Brexit look to have stalled and it looks ever more likely that the UK will have to participate in the May EU elections.

The euro hovered near 22-month lows this morning as traders waited to see whether U.S. GDP data due out later will reinforce signs of economic strength and send the dollar surging even higher.

New orders for U.S.-made capital goods increased by the most in eight months in March. That followed other recent U.S. data that have eased fears of a sharp slowdown in the world’s biggest economy.

Data at 1230 GMT is expected to show that U.S. gross domestic product (GDP) increased 2.2 percent year-on-year in the first quarter. A report in line or better than expected might support recent USD positive momentum.

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