The US dollar steadied on Friday following GDP data backed the call for the Federal Reserve to increase interest rates this year.

US GDP stood at 2.3% annualized rate in the second quarter, according to Commerce Department. It also showed a pick-up in inflation and better consumption in the same quarter.

The dollar stood at $1.0947 per euro from Thursday’s $1.08935. Against the Japanese yen, the currency eased at ¥123.98 from ¥124.58.

Although the US GDP is mixed, it upholds the stance for a rate rise. “The market will continue to search for more hints on whether it will come in September or later,” said Shin Kadota, Chief FX Strategist at Barclays.

The material has been provided by InstaForex Company – www.instaforex.com