Global stocks flat as the dollar dips from two-year highs
US GDP data is keenly awaited with European markets opening mixed as the dollar’s strength threatens emerging-market currencies
London — The dollar slipped from 23-month highs on Friday ahead of keenly awaited US GDP data for the first quarter, while global shares were on track for a fifth successive weekly gain despite subdued trade. The dollar index, which measures the greenback against a basket of peers, was down 0.06% on the day, off a nearly two-year high hit on the previous day. The US currency has gained strongly over the past few days as investors expect the US economy to outperform the rest of the developed world. The dollar index is set to end the week 0.7% higher. The other big mover in currencies was the yen, which gained as speculators cut short positions ahead of the holidays, which will see most Japanese markets shut for six whole trading days. 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 flat but set for its fifth weekly gain on the trot. Most major European bourses opened lower, but turned a...
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