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The Greenback took the top spot after the U.S.-Mexico agreement, and ran higher on global risk-off sentiment and net positive U.S. economic updates at the end of the week.
United States Headlines and Economic data
Monday:
- US-Mexico talks: Trump hails deal on migrants to avoid tariffs – the deal to avoid the additional tariffs is likely the reason for the Greenback’s early strength. Traders likely viewed this development as avoiding additional economic stress, and thus, lowering the probability for the need of a Fed rate cut.
- Trump: The Fed made a ‘big mistake’ raising rates in December and is ‘very disruptive’
- The number of U.S. job openings was little changed at 7.4M on the last business day of April
Tuesday:
- US Small business optimism eclipsed pre-shutdown levels, increasing 1.5 points to 105.0 in May
- The US Producer Price Index for final demand rose 0.1% in May; Core PPI moved up 0.4% in May
- Economic Optimism Falls As Americans Pan Trump’s China Trade War
- Trump says ‘devalued’ currencies put US at a disadvantage and the Fed doesn’t have a ‘clue’
- Donald Trump says he’s personally holding up trade deal with China ahead of G20
Wednesday:
- US consumer prices barely rise in May
- The Greenback saw somewhat of a broad move higher on the session, most likely on rising geopolitical tension that stem from a mix of stories, including rising tensions in the U.S.-China trade front, Hong Kong protests against the China extradition bill, and the Brexit related news of a leaked note warning of the U.K.’s readiness for an Oct. 31st exit.
Thursday:
- US weekly jobless claims unexpectedly rise, sparking fears the labor market is losing steam
- Prices for U.S. imports declined 0.3% in May, following an increase of 0.1% in April
- Tankers Are Attacked in Mideast, and U.S. Says Video Shows Iran Was Involved – Not really a uniform reaction in U.S. dollar pairs, but this geopolitical event likely did the slow grind higher in the Greenback going into the Friday session on safe haven flows.
Friday:
- US retail sales rose in May, while April was revised higher – This was a big surprise that likely eased economic fears and lowered the probability for a Fed rate cut–at least in the short-term. U.S. pairs rally in unison on the news.
- U.S. business inventories rebound; sales fall
- U.S. consumer sentiment in June declines on tariff concerns