No love for the Greenback this week as improving economic data & positive coronavirus therapy news suppresses demand for the safe haven, reserve currency.
United States Headlines and Economic data
Monday:
U.S. Business activity contraction slows in June as
new business nears stabilization
ISM Non-manufacturing Index at 57.1 in June vs. 45.4 in May
Tuesday:
Fed official Bostic: U.S. economic recovery may be leveling off
U.S. Job Openings Unexpectedly Increase as Hires Climb to Record
Latest IBD/TIPP Poll Shows Economic Optimism Drops Again; Now at Lowest Level Since September 2015
Fed’s Clarida says there is more the Fed can and will do
Redbook Index decreased by -6.90% in the week ending July 4 of 2020
Wednesday:
U.S. Homebuyer mortgage demand spikes 33% as rates set another record low
Fed’s Mester says economic growth ‘leveling off,’ sees more help needed
Fed’s Bullard sees unemployment falling to as low as 7% this year
Strong move lower in USD during the U.S. trading session, likely on a combination of improving economic data and outlook, as well as positive comments from U.S. Vice President Pence on coronavirus cases flattening in the hot spot states.
Thursday:
U.S. Weekly jobless claims total 1.314 million, vs 1.39 million estimate
U.S. Wholesale inventories tumble in May
The Dollar recovers a bit during the U.S. trading session, likely on a shift in global risk sentiment towards negative after U.S. equities fall amid refreshed concerns of how the coronavirus will impact the economy.
Friday:
U.S. Wholesale prices drop in June, U.S. inflation very low due to the coronavirus pandemic
Fed’s Kaplan says mask-wearing is key to economic growth
Trump says U.S.-China relationship is ‘severely damaged,’ phase 2 trade deal not a priority
USD moves back to the downside during the U.S. session as risk sentiment shifts positive after news from Gilead that remdesivir coronavirus treatment reduces risk of death.