US Dollar Slips After US Durable Goods, Jobs Data, US Q1 GDP Meets Forecasts

• US Q1 GDP grows by 1.4%, as expected.
• Durable goods revisions and US continuing jobless data soften the US dollar.

The US dollar index slipped lower after the latest batch of US data showed economic activity slowing down. The final Q1 US GDP figure came in as forecast at 1.4%, while the May Durable Goods release came in slightly better-than-expected at 0.1% vs forecasts of -0.1%. However, the April monthly figure was downgraded from an original 0.7% to 0.2%.

In the labor space, US continuing jobless claims – the number of unemployed workers who filed for benefits at least two weeks ago – crept higher, rising to levels last seen in November 2021.

US Continuing Jobless Claims

Graph via Trading Economics

Short-dated US Treasury yields turned three to four basis points lower…

US Treasury Two-Year Yield

…while the US Dollar Index gave back 30 pips and is currently trading at the low of the day.

US Dollar Index Daily Chart

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https://www.dailyfx.com/news/us-dollar-slips-after-us-durable-goods-jobs-data-us-q1-gdp-meets-forecasts-20240627.html