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Dollar Takes a Step back After Recent Optimism
The US Index saw a slight progression as the weekly unemployment claims drop below one million for the first time since March.
However, this could not prevent the Index from closing above the 94.00 handle. While the sub-1 million reading marks a milestone, there is still plenty of work to do for the job market to get back to normal.
In addition, US retail sales data released later today will likely show a small setback in July. The flare-up of virus cases and the upcoming expiry of unemployment benefits at the end of the month led consumers to adopt more cautious spending patterns.
The USDJPY pair met resistance at the psychological level of 107.00. Risk appetite may reverse in the coming days as the US-China trade talks are expected to resume.
Eurozone Awaits GDP Data
The euro closed 0.26% higher over the dollar yesterday as the eurozone continued to show further signs of economic recovery.
Added to that, the recent frailties in the dolla...
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