US DOLLAR OUTLOOK: DXY EXTENDS SLIDE ON DISAPPOINTING JOBLESS CLAIMS, Q2 GDP REPORTUS Greenback stays underneath strain following yesterday’s Fed
US DOLLAR OUTLOOK: DXY EXTENDS SLIDE ON DISAPPOINTING JOBLESS CLAIMS, Q2 GDP REPORT
- US Greenback stays underneath strain following yesterday’s Fed fee choice
- DXY Index hitting session lows as jobless claims, Q2 GDP knowledge disappoint
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The US Greenback continues to commerce on its again foot with the broader DXY Index hitting recent month-to-date lows this morning. US Greenback weak spot gained fairly a little bit of momentum yesterday in wake of the Fed assembly and Chair Powell press convention, which detailed that the US financial system continues to be a methods away from reaching the substantial progress goalpost.
That is being underscored by some disappointing knowledge simply crossing the wires on weekly jobless claims and second quarter GDP. Preliminary jobless claims and persevering with claims each ticked larger and missed the consensus forecast. Headline GDP got here in at 6.5% for Q2, which was beneath expectations of 8.4%.
DXY INDEX – US DOLLAR PRICE CHART: 4-HOUR TIME FRAME (02 JUL TO 29 JUL 2021)
Chart by @RichDvorakFX created utilizing TradingView
The disappointing knowledge in wake of the FOMC seemingly stands to maintain downward strain on the US Greenback and broader DXY Index. This doubtlessly opens up the door for the DXY Index to increase its slide towards its 50-day easy shifting common close to the 91.50-price degree. That mentioned, there may be high-impact occasion threat on the docket tomorrow with the discharge of core PCE knowledge scheduled for 12:30 GMT.
— Written by Wealthy Dvorak, Analyst for DailyFX.com
Join with @RichDvorakFX on Twitter for real-time market perception
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