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The dollar index (DXY) rose by +0.14% on Thursday, reaching a fresh 2-month high, bolstered by resilient labor market data and hawkish signals from Fed Chair Powell. Weekly initial unemployment claims increased by 1,000 to 218,000, below the expected 224,000. Additionally, the June core PCE price index rose by +2.8% year-on-year, exceeding expectations of +2.7%.
In economic news from the Eurozone, the unemployment rate remained unchanged at a record low of 6.2%, beating forecasts of a rise to 6.3%. Meanwhile, U.S. personal spending in June rose +0.3%, below the expected +0.4%. Notably, President Trump announced a 15% tariff on imports from South Korea and extended current tariffs on Mexico for an additional 90 days.
In Japan, the yen fell to a 4-month low against the dollar after dovish comments from BOJ Governor Ueda. The July consumer confidence index unexpectedly dropped to 33.7, while industrial production rose +1.7% month-on-month, surpassing the -0.8% forecast. Precious metals prices fell, with gold and silver settling lower due to the strengthened dollar and economic data reinforcing Fed policy.
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