US Dollar Posts Losses After Underwhelming Data

The US dollar was somewhat soft today, logging losses against most other major currencies. Market analysts blamed underwhelming domestic data and the threat of trade wars for the decline.

The current trading session was light on economic releases from the United States, and the one that happened was disappointing. New home sales fell to 631,000 in June from the May’s negatively revised 666,000. Following the release, the Spot Dollar Index slipped 0.08%.

The next important macroeconomic release will be tomorrow’s durable goods orders. But even more important will be the advance estimate of US gross domestic product scheduled for Friday. Economists predicted ahead of the report that it will show US economic growth accelerated two times in the second quarter of this year compared to the 2.0% growth in the first quarter.

EUR/USD traded at about 1.1680 as of 17:07 GMT today, close to the opening level of 1.1685. GBP/USD was at 1.3151 after opening at 1.3141 and rising to the daily high of 1.3177. USD/JPY declined from 111.19 to 110.92.

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