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The dollar posted gains in N.Y. trade on Thursday, aided by a minor Q2 GDP miss, and an upwardly revised Q1 outcome. Weekly jobless claims meanwhile, were a touch lower than forecasts. The mix of data was good enough to keep a September rate hike on the table, which benefited the greenback. EUR-USD peaked at 1.0968 early on, before eventually slipping to 1.0893, a better than one-week low. USD-JPY peaked at 124.58, a nearly two-month high. USD-CAD made 1.3044 highs, with CAD selling seen ahead of Canadian GDP data on Friday. Cable meanwhile, fell to 1.5563 from highs over 1.5640.
EUR-USD extended post-FOMC declines, logging a new low for the week at 1.0942 in Europe. USD-JPY rallied to a fresh nine-day peak at 124.33. EUR-JPY also rebounded from a three-day low as the yen underperformed amid a backdrop of mostly firmer global stock markets as the Fed left the door to a September rate hike open without spooking equity investors. The Nikkei 225 index closed nearly 1% higher, and although China's markets dove in late trade, European markets rallied. See summary.
The dollar has traded firmer in the wake of the FOMC statement, which was near expectations in indicating continued moderate growth in the economy and "solid" gains in jobs, so keeping September in play for rate lift-off without spooking equity markets. The S&P 500 closed 0.7% for the better, and the positive sentiment passed over to Asia, including China. EUR-USD, meanwhile, was driven back below 1.1000 as the dollar rallied, extending to a new low for the week at 1.0955 in Asia, and USD-JPY edged out a nine-day peak at 124.19.
The dollar fell, rallied, then settled in to nearly unchanged after the FOMC announcement, where there were no surprises, and no hints dropped as to when rates might be raised. Ahead of the Fed, the FX market was relatively quiet, with only USD-CAD moving significantly after oil prices jacked up to one-week highs following a fall in U.S. inventories. The dollar dipped in the immediate aftermath of the FOMC statement though quickly moved higher after the dust settled.
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