The U.S. dollar was gaining this morning on a stronger-than-expected GDP report, rising expectations of a Fed rate hike, and easing concerns about global growth. Second quarter GDP was up 3.9%, well ahead of consensus expectations of 3.7%.
U.S. House of Representatives passed a $21.3 billion bill in a 228 to 195 vote to reduce funding for Wall Street oversight and to revamp new agencies dedicated to policing fraud against consumers and to keep risks under reins, Reuters reported. The Democrat-controlled Senate is not expected to approve the bill as it is now.
A group of technology companies, including Facebook Inc., Google Inc. and Apple Inc., opposed the bill because of what it called an “unacceptable loophole that could enable the bulk collection of Internet users’ data.”