As a symbol of how the US punches above its weight, nothing beats the pre-eminence of its currency. The US may account for just a fifth of global gross domestic product, but dollar assets make up three times as great a proportion of global reserves.
July 31 Speculators raised their bullish positions on the U.S. dollar a tad earlier this week ahead of the Federal Reserve's policy statement, according to Reuters calculations and data from the Commodity Futures Trading Commission released on Friday.
... particularly if it is bolstered by an upside revision on July's University of Michigan Consumer Confidence gauge - stands to reinforce bets on an on-coming Fed interest rate hike following this week's hawkish shift in FOMC rhetoric, boosting the US ...
During Friday's European session, the Pound Sterling to Euro (GBP/EUR) exchange rate dived by around -1.0%. On Friday the Pound softened versus many of its currency rivals as a result of disappointing domestic data.
Unfortunately it is in US dollars and I am finding it difficult to cash. My building society, Nationwide, says that because it is for $250 it falls below its accepted threshold for such transactions ($300) as it would cost too much to process.
Gold has fallen one per cent to a near five-and-a-half-year low as the US dollar rose after data showed that the US economy had improved in the second quarter, supporting views that the Federal Reserve would lift rates by year-end.