Stay up to date with the latest financial news on Thursday, August 15. The US Dollar (USD) is holding steady after facing losses against major currencies. Later today, market watchers will focus on key economic data releases including Initial Jobless Claims, Retail Sales, and Industrial Production figures for July. Additionally, manufacturing surveys and statements from Fed officials will be closely monitored.
On Wednesday, the USD struggled to gain traction following the release of Consumer Price Index (CPI) data. As a result, the USD Index closed lower for the fourth consecutive day while the 10-year US Treasury bond yield dipped below 3.8%. Currently, the USD Index is hovering around 102.50, and the 10-year yield remains stable above 3.8%. US stock index futures are showing slight gains after a modest performance on Wall Street.
US Dollar Price This Week
The table below displays the percentage changes of the US Dollar (USD) against major currencies for the week. The USD performed weakest against the Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.88% | -0.73% | 0.43% | -0.23% | -0.69% | -0.06% | 0.06% |
Analysis: The US Dollar weakened against major currencies, especially the Euro, this week.
In other news, the UK’s GDP expanded by 0.9% annually in the second quarter, in line with expectations. Manufacturing Production and Industrial Production in the UK also saw positive growth in June. The GBP/USD pair rose to around 1.2850 following these reports.
Moreover, Australia’s Unemployment Rate rose to 4.2% in July, while Employment Change exceeded market forecasts. AUD/USD climbed above 0.6600 after a negative close on Wednesday. China reported an increase in Retail Sales in July.
Japan’s GDP grew at an annual rate of 3.1% in the second quarter, rebounding from a contraction in the previous quarter. USD/JPY remained stable around 147.00 after the release of this data.
EUR/USD reached a 2024 high near 1.1050 before experiencing a minor correction. The pair is currently holding above 1.1000.
Gold prices dipped on Wednesday but stabilized above $2,450 in Thursday’s session.
GDP FAQs
Curious about GDP and its impact? Here are some frequently asked questions:
1. GDP measures a country’s economic growth over a specific period, comparing it to previous quarters or years.
2. A higher GDP is positive for a nation’s currency as it signifies economic growth and attracts foreign investment.
3. Rising GDP can lead to inflation, prompting central banks to raise interest rates, which can be negative for Gold prices.
Analysis: Understanding GDP and its implications is crucial for assessing economic health and currency movements.