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Recovery Indicators Bring Dollar to New High

GDPNow model from Atlanta Fed helps dollar bulls justify money-losing trades.

By Liz Capo McCormick and Andrea Wong, Bloomberg | Updated on May 28, 2015

Dollar bulls who have watched America’s currency slide over much of the past two months are taking comfort in readings from the Federal Reserve Bank of Atlanta’s economic growth model.

The forecasting tool known as GDPNow is starting to show a recovery from the slowdown that derailed the greenback’s rally at the end of the first quarter. That’s renewing optimism that the Fed will have enough confidence to raise interest rates before the end of the year, which has underpinned the U.S. currency’s 18 percent rally in the past 12 months.

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