Global Markets react to US Economic Data as Dollar rises on strong Retail Sales

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The US dollar strengthened against its rivals on Thursday, driven by positive macroeconomic data releases. Retail Sales in the US rose by 0.6% in June, exceeding market expectations of a 0.1% increase. Additionally, weekly Initial Jobless Claims declined to 221,000 from 228,000 in the previous week.

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The USD Index gained over 0.3% on the day, while the S&P 500 and Nasdaq Composite indexes reached new record highs, rising 0.55% and 0.75%, respectively. Federal Reserve Governor Christopher Waller stated, “I continue to believe that the Fed should cut its interest rate target at the July meeting, citing mounting economic risks and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures

In the foreign exchange market, EUR/USD recovered from its three-week low below 1.1560 and traded above 1.1600 on Friday, benefiting from modest USD weakness. GBP/USD maintained modest gains above 1.3400, while AUD/USD rebounded from Thursday’s losses and traded around 0.6500.

USD/JPY held its ground and edged higher toward 149.00 after rising about 0.5% on Thursday. In the commodities market, gold fluctuated in a narrow channel near $3,345 after closing near $3,340 on Thursday.

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