The U.S. dollar index (DXY) fell by 0.19% today as market liquidity demand decreased following a stock market rally. The May core PCE price index, the Federal Reserve’s preferred inflation gauge, increased by 3.4% year-over-year, aligning with expectations but indicating a slowing monetary tightening environment. Meanwhile, Q1 GDP growth was revised upward to 2.1%, alongside a significant drop in weekly initial jobless claims, which fell by 12,000 to 215,000, better than the anticipated 225,000.
In economic indicators, May personal spending rose by 0.7%, exceeding the 0.6% expectation, while personal income also increased by 0.7%, the highest monthly rise in 10 months. Additionally, capital goods new orders surged by 1.6% in May from the previous month, against an expected 0.6% rise.
As for the euro, it saw a minor increase of 0.10% against the dollar due to the latter’s weakness. The German GfK consumer confidence index rose by just 0.5 to -29.2, falling short of the expected -28.0. The yen stabilized after a drop, supported by upward revisions in Japan’s leading index and hawkish comments from BOJ officials, despite ongoing concerns over currency intervention as the yen hovers around a 39-year low.
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