The dollar strengthened against major currencies after U.S. GDP rose by 3.8% in Q2, higher than expected. Traders anticipate more rate cuts by the Fed, with concerns about labor market softness. Wall Street indices fell, while U.S. Treasury yields rose. Fed officials discuss the need for rate cuts to support the economy.

The dollar index rose to a two-week high, hitting 98.50, as traders anticipate more rate cuts. Fed officials express the need for sharp rate cuts to prevent labor market collapse. The dollar gained against the Swiss franc as the SNB kept interest rates steady, citing concerns about Trump’s tariffs affecting the Swiss economy.

Despite bearish events, the dollar remains resilient, sparking debate among investors. Analysts note the dollar’s strength despite challenges. The greenback hit a two-week high against the Swiss franc, with uncertainty lingering in the market. Fed officials continue to discuss the impact of rate cuts on the economy.

Read more at Yahoo Finance: Dollar rises against peers after US economic data