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No love for the Greenback this week as improving economic data & positive coronavirus therapy news suppresses demand for the safe haven, reserve currency.

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. 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

Trump threatens to cut funding for schools, slams CDC reopening guidelines as too tough and expensive

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

Fed’s Rosengren says demand for Main Street loans expected to grow as U.S. economy grapples with virus

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.