The dollar is strengthening against global currencies

The value of the dollar against global currencies is rising Thursday morning, according to trading data. Markets are awaiting the release of US economic statistics for the first quarter.

The euro-to-dollar exchange rate dropped to $1.0891 from the previous closing level of $1.0911. The dollar-to-yen exchange rate rose to 144.59 yen from 144.46 yen. The dollar index (the exchange rate against a basket of currencies of six trading partners of the US) increased by 0.24% to 103.16 points.

Later, during trading, the US Ministry of Commerce will publish the final estimate of the country’s GDP, which is important for the US Federal Reserve when making monetary policy decisions.

According to experts, based on the third and final estimate, GDP growth is expected to improve to 1.4% on an annual basis (if GDP continued grow at the same pace for four consecutive quarters), up from the second estimate of 1.3%. The first estimate projected an increase of 1.1%. In the fourth quarter of the previous year, US GDP grew by 2.6% on an annual.

Investors are also evaluating statements made by Federal Reserve Chair Jerome Powell the day before. Powell believes that the possibility of a recession in the country’s economy remains, but it is not the most likely scenario.