U.S. Dollar Strengthens Amid Better-Than-Expected Economic Data

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U.S. Dollar Strengthens Amid Better-Than-Expected Economic Data

TOPICS

Tags: Dollar Index, DXY, FED, Retail Sales

Willy

August 16, 2024 at 11:12 am

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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Willy

Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company. Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals. Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars. Read his latest market analyses on the Ultima Markets News & Analysis.

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