US Q1 GDP reveals reduced expansion at 1.6% YoY. On the positive side, weekly Jobless Claims come in strong. Friday’s PCE data from March will dictate the pace of DXY in the short term. The US Dollar Index is seen trading mildly down at 105.75 on Thursday and struggling to gain more ground following its extended rally in April. The Index weakened following Gross Domestic Product data from Q1, but losses may be limited after strong labor market data was reported during the European session.
US Dollar FAQs What is the US Dollar? The US Dollar is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022.
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