Dollar Rises on Strong US Jobless Claims and Retail Sales Data

MacroDigital Finance
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Summary · why it matters

The dollar index gained 0.18% after better-than-expected US economic reports signaled economic strength. Weekly initial jobless claims unexpectedly fell by 8,000 to a 10-week low of 208,000, June retail sales rose 0.2% month-over-month as expected, and the July Philadelphia Fed business outlook survey jumped 31.1 points to a 4.5-year high of 41.4. Gains were limited by a 5.4% drop in June pending home sales, the steepest decline in six months. Higher crude oil prices following fresh US airstrikes on Iran also supported the dollar by raising inflation expectations.

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