The US dollar eased slightly from its recent gains which had been driven by Federal Reserve speakers’ reluctance to support significant short-term interest rate cuts. This pullback was likely due to market adjustments or anticipation of key data such as today’s jobless claims, a critical indicator ahead of next Friday’s non-farm payrolls.
Recent claims have fluctuated with a spike earlier this month weakening the dollar followed by a drop last week that spurred gains. Meanwhile, political uncertainty weighed on the Japanese yen, pushing dollar-yen up near its September high.
The Swiss National Bank held its interest rate at 0% unchanged since December 2023 and maintained inflation forecasts while warning of short-term inflationary pressure and a weaker Swiss economic outlook due to US tariffs.
Other US data expected today includes Q2 GDP, durable goods orders, and existing home sales alongside further Fed commentary from multiple officials.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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