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After spending a few days in the red, the U.S. dollar was able to take back some ground against the majors as risk aversion sentiment grew into the weekend.

Overlay of USD Pairs: 1-Hour Forex Chart
Overlay of USD Pairs: 1-Hour Forex Chart
USD Weekly Performance from MarketMilk
USD Weekly Performance from MarketMilk

United States Headlines and Economic data

Monday:

U.S. Existing home sales plunge in May, but Realtors think that was the bottom

Fed’s Rosengren sees difficult second half for U.S. economy

New Stimulus Will Help Businesses, Not Individuals: White House Adviser

Broad move lower in the Dollar as trader sought risk assets early in the week. There doesn’t seem t be a direct catalyst for this behavior, at least not until the U.S. trading session where traders took cues from the equity markets (U.S. equities were driven higher by the tech sector).

Tuesday:

White House trade adviser Navarro says trade deal with China is “over”

Trump: Trade deal with China is “fully intact”

White House adviser Navarro walks back on comments China trade deal ‘over’

Flash U.S. Manufacturing PMI at 49.6 in June vs. 39.8 in May

Richmond Manufacturing Index rose from -27 in May to 0 in June

Fed’s Bullard doesn’t see signs a damaging asset bubble is forming

Philadelphia Fed Non-manufacturing index: -3.6 in June vs. -68.6 in May

Wednesday:

U.S. presidential election odds now firmly in Biden’s favor, EIU claims

FHFA House price index up +0.2% in April

Fed’s Bullard doesn’t see signs a damaging asset bubble is forming

Fed’s Evans says low inflation may require more monetary easing

The U.S. dollar began its turn around for the week on this session, likely on rising risk aversion sentiment as news of rising covid cases, negative global economic outlook, and geopolitical tensions (U.S. is considering $3.1 billion in new tariffs on products from France, Germany, Spain and the UK) prompted traders to seek safe haven assets.

Thursday:

U.S. Initial Jobless Claims Worse Than Forecast for Second Week

Total of those receiving unemployment benefits falls below 20 million

U.S. GDP fell at a 5% rate in the first quarter, and the worse is likely on the way

U.S. trade deficit in goods widens in May as exports fall sharply

U.S. core capital goods orders rebound in May

Friday:

U.S. Personal income fell 4.2% in May, vs 6.0% drop expected

U.S. consumer spending rebounds, falling income a threat

U.S. Consumer Sentiment Stumbled in Late June as Virus Spread

The Greenback found buyers into the weekend, likely due to continued focus and fears of rising coronavirus cases and U.S. states moving back into lockdown mode.