Dollar Under Pressure

Dollar was under pressure after disappointing housing sector news

News and Events:

The Dollar fell against the Yen on Thursday, dragged down by disappointing news in the US housing sector and steep losses on Wall Street. However, the Dollar was slightly higher against the Euro, which came under pressure as soft data cooled expectations of higher euro-zone interest rates. The Ifo report followed data showing declines in manufacturing and service sector activity in France, Germany and the wider euro zone.

Modest gains in Oil prices also weighed on the Dollar on Thursday. US crude futures rose 0.8% to 125.50 per barrel. The biggest mover among major currencies on Thursday was
Sterling, which fell sharply against the Euro and Dollar on the 3.9% fall in June UK retail sales.

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