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U.S. Dollar Strengthens Amid Better-Than-Expected Economic Data
TOPICSTags: Dollar Index, DXY, FED, Retail Sales
Unemployment claims fell to a one-month low, signalling a gradual and orderly slowdown in the labour market. Companies are scaling back hiring, struggling to keep up with the influx of labour driven by increased immigration.
Conversely, retail sales surged by 1.0% last month, marking the largest gain since January 2023, following a downwardly revised 0.2% decline in June. Consumers are maintaining their spending by seeking bargains and opting for lower-priced alternatives. These better-than-expected figures boosted the U.S. dollar index by 0.46%, closing at 103.04.
(U.S Dollar Index Daily Price Chart)
Federal Reserve officials need not overly concern themselves with the economic outlook, as downside risks are rapidly diminishing with fewer layoffs and strong consumer spending. Signs that demand is holding steady might lead financial markets to temper their expectations for a 50-basis point interest rate cut next month. The likelihood continues to favour a quarter-point reduction, especially with inflation showing a mild increase in July.
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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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