The US dollar overtook the Japanese yen as the strongest currency on the Forex market today. Disappointing domestic macroeconomic data did not deter the greenback from rising.
The Dollar Index climbed 0.44% today. Market analysts attributed the rally to the positive outcome of meeting of EU Commission President Jean-Claude Juncker with US President Donald Trump. The EU and US leaders reached an agreement to avoid trade wars and work towards a trade deal that would benefit both trading partners.
As for today’s economic data in the United States, there were just two releases, and both of them were worse-than-expected. Durable goods orders rose 1.0% in June, three times slower than experts had predicted. Initial jobless claims rose from 208,000 to 217,000 last week, exceeding the average forecast of 215,000.
Now, traders wait for tomorrow’s report about US economic growth in the last quarter.
EUR/USD declined from 1.1727 to 1.1663 as of 15:12 GMT today. GBP/USD slid from 1.3185 to 1.3146. USD/JPY bounced to 111.10 after falling from 110.96 to 110.59 earlier.
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