Stronger US data underpinned the greenback with the US Dollar index rising to fresh 1-year high at 82.69. On the data front today for the greenback we do not have anything, for tomorrow though we see a full calendar with 2nd quarter GDP data and US Jobless Claims. As of typing the US dollar index is retreating from freshly gained territory and it was lastly seen at 82.53 that is likely due to profit taking and for technical reasons.
The Euro against the US dollar last night declined to new 11-month low last night at 1.3152. The downward move gets deeper as the common currency had no fundamental support. Recently, the German Financial Minister, Schauble, said that he thinks Draghi’s comments on growth and austerity have been “over interpreted”. Currently, the EURUSD is bouncing up and at the moment is trading at 1.3179.
Elsewhere, the British pound against the US dollar formed a double bottom at 1.6538 and now is rising towards support at 1.6597. The Aussie retraced to 0.9300 against the US dollar. Risk-on is driving the Australian dollar which held strongly its ground against the greenback in contrary to other major currencies. That is indicated in the Currency Currency Market Correlation Table.
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