Dollar edges higher to start dog days of August

The dollar edged higher Monday, rebounding after recording one of its largest weekly drops since April.

The ICE U.S. Dollar index DXY, -0.09% a measure of the buck’s strength against a group of six rival currencies, gained 0.2% to trade at 95.7090 during the first trading session of the month.

The basket shed 2% last week as investors discounted hints from the Federal Reserve that a rate hike could come as soon as September and instead focused on a disappointing reading on U.S. economic growth in the second quarter.

U.S. economic growth during the quarter ended in June came in at just 1.2%, far short of the 2.5% pace many economists had expected. The pace of first-quarter growth also was revised lower to 0.8%.

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