Dollar Extends Fall On Disappointing U.S. GDP Data; Powell s Dovish Stance The U.S. dollar extended its decline against its major trading partners in the European session on Thursday, as the economy expanded less than forecast in the second quarter and on comments from Federal Reserve Chairman Jerome Powell that rate hikes are unlikely to happen anytime soon.
Data from Commerce Department showed that GDP rose by 6.5 percent in the second quarter following a 6.3 percent jump in the first quarter. Economists had expected GDP to spike by 8.5 percent.
The GDP growth in the second quarter reflected increases in consumer spending, non-residential fixed investment, exports, and state and local government spending.
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