The dollar rose against other major currencies on Friday while investors eagerly wait for the release of U.S. data amid higher expectations for September rate hike by the Federal Reserve. EUR/USD dropped 0.11 percent to 1.1135 while the dollar stayed supported after Thursday’s data release of gained-more-than-expected U.S. job claims. However, it was held near the lowest level since November 1973.
According to the U.S. Department of Labor, the number of people filing for initial jobless benefits on August 8 gained from last week’s 269,000 to 274,000. The U.S. Commerce Department reported that retail sales grew 0.6 percent last month, surpassing the 0.5 percent expectation.
On Friday in the euro zone, data showed that gross domestic product gained 0.3 percent in the second quarter, exceeding the 0.4 percent growth rate expectation. The euro zone economy rose by a rate of 1.2 percent on a year-over-year basis, however, was lower than the 1.3 percent expectation.
Yuan Devaluation Update
The turmoil caused by the two-day Yuan devaluation subsided after China’s central bank reported on Thursday that there are no further signs of depreciation in the currency, given China’s tough economic fundamentals. This week, the Yuan plunged almost 5 percent against the dollar after the currency devaluation in Tuesday.
According to the U.S. Department of Labor, the number of people filing for initial jobless benefits on August 8 gained from last week’s 269,000 to 274,000. The U.S. Commerce Department reported that retail sales grew 0.6 percent last month, surpassing the 0.5 percent expectation.
On Friday in the euro zone, data showed that gross domestic product gained 0.3 percent in the second quarter, exceeding the 0.4 percent growth rate expectation. The euro zone economy rose by a rate of 1.2 percent on a year-over-year basis, however, was lower than the 1.3 percent expectation.
Yuan Devaluation Update
The turmoil caused by the two-day Yuan devaluation subsided after China’s central bank reported on Thursday that there are no further signs of depreciation in the currency, given China’s tough economic fundamentals. This week, the Yuan plunged almost 5 percent against the dollar after the currency devaluation in Tuesday.
Daily outlook 8-14-2015
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