Today’s macroeconomic reports from the United States were contradictory as some of them were suggesting that the US economy experiences stable growth, while others showed problems of the economy. As a result, the US dollar demonstrated mixed performance, retaining gains versus the Great Britain pound and the Japanese yen, but erasing advances against the euro.
The Conference Board leading economic index rose 0.6 percent in July after showing no change it June. Yet unemployment claims increase from 323,000 to 336,000 last week, more than analysts have predicted.
Yesterday’s Federal Reserve minutes led traders to believe that the central bank is going to scale down its stimulating measures as soon as next month. Most macroeconomic indicators support such view, with the exception of employment data. It makes stimulus tampering questionable, considering that the Fed looks mostly at employment to decide for a time to reduce its monetary accommodation.
EUR/USD went down from 1.3351 to 1.3297 intraday, but rebounded to 1.3360 as of 23:07 GMT today. GBP/USD fell from 1.5656 to 1.5592. USD/JPY advanced from 97.64 to 98.70.
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