Premarket: U.S. dollar dips ahead of U.S. GDP data, shares subdued GlobeInvestor
The dollar retreated from 23-month highs on Friday ahead of keenly awaited U.S. gross domestic product data for the first quarter, while global shares were on track for a fifth weekly gain in a row despite subdued trade.
“We think the dollar is likely to depreciate when the global economy improves and also when global investors become more risk-averse,” said UBS strategists in a research note, in a break with what they said was the dollar’s traditional outperformance when the U.S. economy outperforms its peers or when global risk aversion drives investors to the safety of U.S. assets.
Global stocks were largely flat on the day after subdued trading in Asia. MSCI’s All-Country World Index, which tracks shares in 47 countries, was down less than 0.1 per cent. The closely-watched estimate of GDP from the Atlanta Federal Reserve is projecting an outcome of 2.7 per cent, a huge turnaround from a few weeks ago when it was at 0.5 per cent.
European Central Bank Vice-President Luis de Guindos on Thursday opened the door to more money-printing if needed to boost inflation in the euro zone.
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