Will the US economy help the greenback?
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
Greenback stands still as American economy speeds down
On Thursday, the evergreen buck’s recent rally versus its counterparts was compensated by poor American economic data that disclosed that the American economy expanded at a slower-than-anticipated rate in the first quarter of 2018.
The USD index, gauging the greenback’s value versus a bunch of major currencies, tacked on by 0.14% being worth 94.89.
As a matter of fact, American gross domestic product speeded down to a 2% annual rate from January to March, as the Commerce Department informed on Thursday. It definitely confounded experts’ estimate of 2.2%.
As the US Department of Labor informed, initial jobless claims managed to tack on by 9,000 to a seasonally updated 227,000 by June 23. The given outcome turned out to be above experts’ estimate for jump to about 220,000.
In addition to this, the common currency managed to gain against the evergreen buck because market participants hurried to purchase the common currency in the face of data disclosing that inflation in some German regions happened to be above the ECB's objective.
The currency pair EUR/USD rebounded from a session minimum of $1.1527. The pair soared by 0.24% being worth $1.1581.
The currency pair GBP/USD, drifted away from seven-month minimums. The pair hit $1.3089, descending by 0.19% because probable Brexit-related headline risks from the European Summit have been restricted due to the fact that the European Union’s migrant downtime dominated discussions.
As for safe-haven currencies, they struggled to pare back dips from a day earlier. The currency pair USD/JPY went up by 0.08% reaching Y110.34, USD/CHF ascended by 0.04% showing 0.9975.
The currency pair USD/CAD dived by 0.68% hitting C$1.3250 because crude gave up some of its profits, putting pressure on the Canadian dollar in the face of reports the White House was about to make its tough stance on nations, importing Iranian crude softer.
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USD is waiting for the jobless claims!
The US unemployment claims are announced on Thursday at 15:30 MT time.
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Main market movements on July 31
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
Main market movements on July 30
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.
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