GBP/USD (GBPUSD=X)

Dollar Edges Higher; U.S. GDP Quarterly Data Due

The U.S. dollar edged higher in early European trade Thursday, but remained near a one-month low amid concerns aggressive tightening by the Federal Reserve may already be slowing economic growth. The minutes from the early May Fed meeting, released Wednesday, indicated that the central bank policymakers will be sticking to a plan to raise rates by a half-percentage point at its next two meetings starting next month, largely as expected. The scaling back of Fed tightening bets has followed slowing economic growth, with new home sales falling almost 17% last month and retailers reporting disappointing results as consumers scale back discretionary spending as the prices of essentials like food and petrol soar.