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The US dollar seesawed between gains and losses on Thursday, ending the day lower against most major rivals. Wall Street opened the day firmly higher amid more signals of receding US inflationary pressures, as the July Producer Price Index advanced by 9.8%, below expected.
The EUR/USD pair peaked at around 1.0360 for a second consecutive day, settling at around 1.0320. The GBP/USD pair trades just below 1.2200 ahead of the release of first-tier UK data. The country will publish the preliminary Q2 Gross Domestic Product estimate and June Industrial and Manufacturing Production.
Economic Data
The producer price index, denoting final-demand wholesale prices, decreased 0.5% in July due to a slide in energy prices. The year-over-year gain was 9.8%. The annual increase was the lowest since October 2021 and the monthly move was the first decline since April 2020.
Jobless claims rose to 262,000 last week, just below market expectations.
Other developments
Bitcoin’s (BTC) price rose 2% in Thursday morning trading and held those gains throughout the day. The largest cryptocurrency by market capitalization remains above $24,000.
Ether’s (ETH) price climbed 4%. ETH’s push higher occurred on higher than average trading volume when compared to its 20-day moving average.
As highlighted in Thursday morning’s First Mover Americas, Ether prices rose following the third and final dress rehearsal on Ethereum’s Goerli testing blockchain ahead of the eagerly anticipated Merge. The test’s success brought the Ethereum blockchain one step closer to converting from proof-of-work to a more energy-efficient proof-of-stake protocol.
US government bond yields advanced, equities lost some momentum, helping the dollar to recover some ground ahead of the daily close. At the time being, US indexes trade mixed around their opening levels, while the yield on the 10-year Treasury note stands at 2.88%.
The AUD/USD pair hovers around 0.7100, while USD/CAD trades at around 1.2770. Finally, safe-haven currencies eased at the end of the day, finishing it pretty much unchanged. USD/CHF hovers around 0.9420 while USD/JPY stands at 133.10. Gold eased and is now trading at $1,785 a troy ounce. Crude oil prices increased, with WTI ending at $94.00 a barrel.
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