Forex Today: US Dollar Gains Ground Ahead of Retail Sales and Jobless Claims Data

Forex Today: US Dollar Gains Ground Ahead of Retail Sales and Jobless Claims Data

The US Dollar (USD) is showing strength in early Thursday trading, continuing its upward momentum after a volatile Wednesday. The Dollar Index is higher against major currency peers as traders brace for key lower-tier US economic data later in the session.

Key Data Releases Ahead

The economic calendar for Thursday, July 17 includes the release of:

• Weekly Initial Jobless Claims
• June Retail Sales

These reports are expected to offer further insight into the state of the US labor market and consumer spending, both of which are crucial to the Federal Reserve’s monetary policy outlook.

Federal Reserve Speakers in Focus

In addition to economic data, several Fed officials are scheduled to speak throughout the day. Their commentary could provide new cues regarding the central bank’s rate path, especially amid growing speculation that the Fed may delay any rate cuts this year due to persistent inflation pressures.

Forex Market Outlook

The US Dollar is gaining ground across the forex board, supported by:

• Rising expectations for Fed policy to stay restrictive
• Market uncertainty regarding global economic recovery
• Defensive positioning ahead of high-impact data

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