US Dollar Slips After US Durable Goods, Jobs Data, US Q1 GDP Meets Forecasts

• US Q1 GDP grows by 1.4%, as expected.
• Durable goods revisions and US continuing jobless data soften the US dollar.

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The US dollar index slipped lower after the latest batch of US data showed economic activity slowing down. The final Q1 US GDP figure came in as forecast at 1.4%, while the May Durable Goods release came in slightly better-than-expected at 0.1% vs forecasts of -0.1%. However, the April monthly figure was downgraded from an original 0.7% to 0.2%.

In the labor space, US continuing jobless claims – the number of unemployed workers who filed for benefits at least two weeks ago – crept higher, rising to levels last seen in November 2021.

US Continuing Jobless Claims

Graph via Trading Economics

Short-dated US Treasury yields turned three to four basis points lower…

US Treasury Two-Year Yield

…while the US Dollar Index gave back 30 pips and is currently trading at the low of the day.

US Dollar Index Daily Chart

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