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The US Dollar experienced a volatile trading session, closing mixed against major currencies. Positive US economic data, including strong employment and retail sales figures, alleviated recession fears and boosted investor sentiment. While other economic indicators were less favorable, they were insufficient to reignite market concerns or impact expectations for a September interest rate cut.
Riding on the wave of optimism, Wall Street extended its winning streak, with all major indices closing at fresh weekly highs.
The Euro weakened, falling below the 1.1000 level against the US Dollar to settle around 1.0970. The Pound Sterling found support from better-than-expected UK economic data, including a 0.6% GDP growth in the second quarter and a stronger-than-anticipated 1.1% month-on-month increase in manufacturing production. GBP/USD finished the day around 1.2860.
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