The U.S. dollar index fell by 0.08% on Thursday, influenced by strong stock performance and a 2% drop in crude oil prices, which lowered inflation expectations. U.S. June existing home sales unexpectedly declined by 2.4%, reaching 4.09 million, below forecasts for an increase to 4.20 million. However, the dollar’s losses were limited by a decrease in initial unemployment claims, which fell by 2,000 to a 6-week low of 215,000.
In military developments, the U.S. struck approximately 90 Iranian targets in response to hostilities, with Iran retaliating by targeting U.S. bases in Bahrain, Kuwait, and Qatar. This escalation increased demand for the dollar as a safe haven amid ongoing geopolitical tensions.
Meanwhile, Japan reported a significant increase in June machine tool orders, climbing by 52.8% year-over-year, the largest rise in nearly 4.5 years, strengthening the yen. The odds for a rate hike by the Bank of Japan at its upcoming meeting are currently set at 2%. Gold prices rose by 1.43% and silver by 3.77% amid dollar weakness and decreased T-note yields.
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