Dollar remained flat ahead of the U.S. GDP data release

The U.S. dollar kept stable against its major competing currencies on Friday as economic growth figures in the United States were about to be released.

The stock market is currently waiting for the publication of U.S.’s gross domestic product (GDP) for the second half of 2017. Some economists are widely expecting the country to grow more than 2.6 percent in Q2 from its 1.4 percent rise in the previous quarter.

The U.S. dollar index traded close to the flat line at 93.872 after rising about 0.2 percent last Thursday.

It should be reminded that the greenback plunged to a 13-month low this week following the Federal Reserve’s reluctance to raise interest rate.

Oil is on track for 8-week highs due to OPEC’s efforts to limit production and U.S. inventory decline

Oil futures inched higher on Friday and are now on track towards 8-week highs. This is driven by the attempts of OPEC to reduce output to an already bloated market and U.S. stockpile decline.

Energy Information Administration (EIA) data suggested that crude stocks in the stateside immediately declined as much as 7.2 million barrels in the week of July 21 after an increase in exports and refining activity.

Looking at prices, U.S. West Texas Intermediate crude futures were slightly up by 0.06 percent or 3 cents to trade at $49.07 a barrel and Brent crude futures inched higher by 2 cents to finish at $51.51 a barrel.