Dollar firm ahead of U.S. GDP report

July 30, 2015

The dollar held steady in cautious trade on Thursday, ahead of U.S. gross domestic product data that could reinforce or dent expectations that the Federal Reserve is on track to raise interest rates as early as September.

The Canadian dollar ended the session slightly weaker against its U.S. counterpart on Wednesday after the U.S. Federal Reserve stayed vague on the timing of its anticipated interest rate hike. The loonie, which was a mid-performer against other major currencies, rallied briefly after the Fed issued its statement following a two-day policy meeting. But the currency soon reversed that gain to trade slightly weaker than Tuesday's close.

U.S. stocks shot higher immediately after the Fed released a statement leaving interest rates unchanged, but pared those gains within 10 minutes of trade. The decision to leave rates unchanged was unanimous.

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