US dollar resumes its gains ahead of growth data and Janet Yellen's remarks

The US dollar extended its rising during the European market on Friday, resuming its gains against a basket of major and minor currencies after declining for two days due to corrections from the highest level in two months, with the return of buying the US currency operations, based on the strong bets to raise US interest rates by one of the upcoming Federal reserve meeting , in order to re-evaluate those bets investors awaited later in the day US economic growth data for the first quarter and the statements of Janet Yellen 'president of the Federal Reserve'.

By the time 11:43 GMT, the dollar index is trading around the level of 95.32 points from the opening level of 95.14 points, and recorded the highest level of 95.33 points and 95.10 points as the lowest level.

Index closed trading yesterday, down by about 0.3 percent, in the second daily loss in a row, due to correction and profit taking, After posting the day before yesterday the highest level in two months, 95.65 points, and the index reduced a loss of 0.5 percent after positive data in Washington showed a rising-than-expected requests for durable goods during April and lower weekly jobless claims, and a higher pending home sales in April with the highest pace in nearly a year.

These data reinforced the the stakes of traders to raise US interest rates during one of the next two meetings of the Federal Reserve', and this week, the stakes of raising interest rates in the next 14 to 15 June meeting rose to 34 percent from 32 percent last week, and in the July to 54 percent from 47 percent.

In order to re-evaluate those bets investors awaited later in the day US economic growth data for the first quarter and the statements of Janet Yellen 'president of the Federal Reserve'.

Published by 12:30 GMT the second reading of GDP during the first quarter, and the expected growth rate is 0.8% from the 0.5% growth rate of the initial reading, and the US economy recorded a growth rate of 1.4% in the fourth quarter of last year.

And later the final reading of the University of Michigan index to measure consumer confidence in May will be released, and expected 95.7 compared to 95.8 the initial reading.

By 17:15 GMT Janet Yellen speaks at Harvard University and is expected to provide new evidence about the future of raising interest rates during the current year.