26/07/2024
USD strengthened yesterday following higher-than-expected GDP and core PCE figures for the second quarter of this year.
Yesterday saw gains for the other safe haven currencies, CHF and JPY, while both European and US equities ended the day lower.
USD strengthened across the G10 currencies yesterday, with both GBPUSD and EURUSD nearing two-week lows.
The week began with minimal volatility, notably affecting commodity currencies the most.
The USD strengthened on Friday amid circulating rumours that Joe Biden would withdraw from the presidential race. These rumours were confirmed over the weekend when Biden officially announced his decision to drop out.
The US dollar strengthened across the board yesterday, even though data revealed a higher-than-expected number of people filing for jobless claims, indicating a weakening job market.