USD weekly forecast

The US Dollar started the week without a clear direction, as there was a scarcity of domestic macroeconomic data. On Tuesday, the US Dollar remained under pressure following the release of the latest retail sales data from the US.

The index fell short of expectations for a 0.2% expansion, registering a negligible 0.1% increase instead, which ultimately dampened US Dollar sentiment on Tuesday.

During mid-week trading, with domestic data once again scarce, the Greenback was influenced by current bets on Federal Reserve interest rate cuts.

On Friday, the latest PMI data for June reported better-than-expected manufacturing and services indices, providing the Greenback with some modest support to end the week.

Looking ahead, the main catalyst for movement in the US Dollar exchange rate this week is expected to be the release of the latest GDP data. On Thursday, the US will publish its finalized GDP growth rate for the first quarter of the year. Additionally, the latest US durable goods orders are also scheduled for release on Thursday.

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