Dollar rises against peers after US economic data

Economic Data Impact - The U.S. dollar strengthened against major currencies, including the euro and yen, following positive U.S. economic data, which may limit future interest rate cuts by the Federal Reserve [1][2] - U.S. GDP growth was revised upward to 3.8% for the second quarter, exceeding the initial estimate of 3.3%, surprising economists [1] Currency Movements - The dollar rose 0.58% to 149.77 against the Japanese yen, reaching its highest level since August 1, while the euro fell 0.66% to $1.1659, marking a two-week low against the dollar [2] - The dollar index, which measures the U.S. currency against six peers, increased by 0.68% to 98.50, also hitting a two-week high [3] Interest Rate Expectations - Traders are anticipating at least two rate cuts in the remaining two Federal Reserve meetings this year, although future cuts will depend on upcoming economic data [4] - U.S. Treasury yields rose, with the 10-year note yield increasing by 2.5 basis points to 4.172% and the 2-year note yield rising by 6.3 basis points to 3.661% [5] Federal Reserve Commentary - Federal Reserve officials expressed caution regarding further rate cuts, with some indicating that the current labor market weakness may not necessitate aggressive easing due to potential positive supply shocks [5]