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Despite a busy economic calendar, the Greenback continued to be mostly influenced by Fed interest rate rhetoric, especially on Thursday as hints of an impending rate cut were once again ramped up by members of the Federal Reserve.
United States Headlines and Economic data
Monday:
- The Empire State Manufacturing Survey rose thirteen points to 4.3 in July
- Bitcoin And Crypto Suddenly Branded A ‘National Security Issue’
Tuesday:
- US retail sales rose by 0.4% in June to beat expectations. May was revised slightly down to 0.4% from 0.5%
- U.S. manufacturing output climbs for second month in June
- U.S. homebuilder sentiment ticks up slightly, as housing shortage intensifies
- Powell says ‘uncertainties’ have increased chances of a rate cut
- Fed chief Powell says he thinks core inflation picked up a bit in June
- Fed’s Charles Evans says he’d be comfortable with ‘a couple’ rate cuts before the end of the year
Wednesday:
- U.S. housing starts fall further; permits at two-year low – the weak update on the housing market (the sector is a leading indicator for many economies) marked the top of the week for the Greenback against the majors
- Fed’s Daly says she is not leaning one way or the other on rate decision
- U.S. weekly mortgage applications drop as rates rise and homebuyers pull back
- Fed’s Beige Book: Economy Expands At Modest Pace, Outlook ‘Positive’
- Fed’s George hints she could be open to lower interest rates
Thursday:
- Philadelphia Fed manufacturing gauge rebounds sharply in July to highest level in a year
- Mnuchin says U.S., Chinese call could lead to in-person talks
- U.S. labor market still strong; mid-Atlantic factory activity rebounds
- Clarida Says Fed Shouldn’t Delay Cuts Until Economy Falters
- Wall Street rises as Fed’s Williams cements rate-cut expectations
- Fed Officials Shake Markets With Rate Cut Comments – dovish comments from both Fed members Clarida and Williams send the Greenback tumbling at the end of the U.S. trading session
Friday: