Here is what you need to know on Friday, July 12: The US Dollar (USD) suffered large losses against its major rivals on Thursday following June inflation data.
Here is what you need to know on Friday, July 12: The US Dollar suffered large losses against its major rivals on Thursday following June inflation data. After dropping to its weakest level in over a month near 104.00, the USD Index staged a rebound in the late American session and entered a consolidation phase at around 104.50 early Friday. The US economic calendar will feature Producer Price Index data for June and the University of Michigan's preliminary Consumer Sentiment Index for July.
Following these readings, the USD came under heavy selling pressure. The negative shift seen in risk mood later in the day, however, helped the currency erase some of its losses. US stock index futures trade mixed in the European session, while the benchmark 10-year US Treasury bond yield holds steady at around 4.2% after losing nearly 2% on Thursday. EUR/USD gathered bullish momentum and tested 1.0900 during the American trading hours on Thursday.
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