Asia shares falter, dollar perky on GDP hopes
GDP data expected to show the US outperforming the rest of the developed world
Sydney — Asian shares drifted off in sleepy trade on Friday, while the dollar held around two-year highs on speculation that figures later in the day will show the US economy outperforming the rest of the developed world. The euro was off 1% for the week at $1.1133 as eurozone economic figures continued to disappoint. Against a basket of currencies, the dollar was 0.8% firmer for the week so far at 98.145 having touched its highest since May 2017. “The dollar will remain bid in this environment while data continues to look more favourable from the US, especially with regard to the EU,” said Nick Twidale, head of operations at broker Rakuten Securities. “Tonight’s US GDP print could be crucial from a technical point of view. If we see a good number it will probably see the euro targeting the key psychological level of $1.1000.” The yen proved an outlier by gaining as speculators cut short positions ahead of holidays, which will see most Japanese markets shut for six trading days. Th...
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