Here is what you need to know on Friday, August 16: The US Dollar (USD) outperformed its rivals on Thursday, boosted by the upbeat macroeconomic data releases from the US.
Here is what you need to know on Friday, August 16: The US Dollar outperformed its rivals on Thursday, boosted by the upbeat macroeconomic data releases from the US. After rising 0.5%, the USD Index stays in a consolidation phase below 103.00 as markets await Housing Starts and Building Permits data for July. Additionally, the University of Michigan will release the preliminary Consumer Sentiment Index for August.
Reserve Bank of Australia Governor Michele Bullock said earlier in the day that the central bank remains focused on the potential upside risks to inflation, adding that it does not expect to cut rates in the near term. EUR/USD snapped a three-day winning streak on Thursday, pressured by the renewed USD strength. The pair hold its ground early Friday but stays below 1.1000. Gold failed to gather bullish momentum on Thursday and closed the day with small gains.
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