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Another rough week for the U.S. dollar as the Federal Reserve’s policies, uncertainty with the next U.S. government stimulus, and increasing coronavirus fears continued to weigh on the Greenback.

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:

Republicans to include $1,200 checks and smaller federal unemployment aid in new stimulus proposal

U.S. Durable Goods Orders Extend Substantial Rebound In June -“The Commerce Department said durable goods orders surged up by 7.3 percent in June after skyrocketing by a downwardly revised 15.1 percent in May.”

Texas factory activity continued to expand in July following a record contraction in the spring

Senate GOP unveils coronavirus relief plan with 70% wage replacement in unemployment insurance

Six U.S. states see record COVID-19 deaths, Latinos hit hard in California

Tuesday:

Second U.S. Republican says will vote against Trump Fed pick Shelton

Initially due to expire on September 30th, the Fed announced that it will extend its lending programs to business, governments and individuals until December 31st. 

The Richmond Fed manufacturing index rose from 0 in June to 10 in July

US Home prices rose at a slower rate in May, according to S&P Case-Shiller

McConnell says he will not negotiate with Democrats on liability protections in coronavirus bill

Wednesday:

US Pending home sales continued to climb in June, rising 16.6% monthly since May, and rising 6.3% since June 2019

U.S. goods trade deficit narrows; global flow of goods improving – “The goods trade deficit dropped 6.1% to $70.6 billion last month. Exports of goods accelerated 13.9% to $102.3 billion, eclipsing a 4.8% increase in goods imports to $173.2 billion. Goods imports fell in May to their lowest level since July 2010.”

Trump says administration, Democrats far apart on coronavirus relief bill

Powell: Economic recovery depends on success in controlling pandemic

Powell: Business investment not yet recovering

Thursday:

Second-quarter US GDP plunged by worst-ever 32.9% amid virus-induced shutdown – this was better than expectations of around -34.7%, but still the worst period ever.

U.S. weekly jobless claims rise for a second straight week, total 1.434 million – “Continuing claims — which are composed of those receiving unemployment benefits for at least two straight weeks — rose by 867,000 to 17.018 million for the week ending July 18.”

U.S. economic growth revised slightly down in 2019

Trump floats delaying election despite lack of authority to do so

Florida faces pressure, sees record high virus deaths

Friday:

US consumer spending up 5.6%, but virus could stall gains

U.S. Consumer Sentiment Extended Its Decline in Late July – “The University of Michigan’s final sentiment index for July was 72.5, compared with a preliminary reading of 73.2 and June’s final reading of 78.1”

Chicago PMI rises to 51.9 in July, topping expectations