Economics
Dollar Pares Second-Best Weekly Gain of 2017 in Late Selling
- Greenback pares advance following report Trump favors Powell
- Euro drops for a second week as Spain political crisis deepens
Dollar Drops Before Fed Chair Call
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The dollar pared its second-best weekly advance of the year as a bout of late selling eroded gains seen after the U.S. economy posted stronger-than-expected growth and the Spanish political crisis lurched forward.
The Bloomberg Dollar Spot Index was little changed on the day after rising as much as 0.4 percent. The greenback had been supported Friday by an advance reading of third-quarter U.S. growth of 3 percent, capping the economy’s best six-month performance since 2014. Dollar gains were pared and Treasuries jumped after a report that President Trump favors Jerome Powell for the next chair of the Federal Reserve.