Forexlive Americas FX news wrap: The strong US data continues

<ul><li><a href="https://www.forexlive.com/news/initial-jobless-claims-239k-vs-265k-estimate-20230629/">Initial jobless claims 239K vs 265K estimate</a></li><li><a href="https://www.forexlive.com/news/us-q1-final-gdp-20-vs-14-expected-20230629/">US Q1 final GDP +2.0% vs +1.4% expected</a></li><li><a href="https://www.forexlive.com/news/germany-june-preliminary-cpi-64-vs-63-yy-expected-20230629/">Germany June preliminary CPI +6.4% vs +6.3% y/y expected</a></li><li><a href="https://www.forexlive.com/news/us-may-pending-home-sales-27-vs-05-expected-20230629/">US May pending home sales -2.7% vs -0.5% expected</a></li><li><a href="https://www.forexlive.com/centralbank/himino-boj-must-scrutinize-newly-emerging-factors-that-are-pushing-up-prices-20230629/">Himino: BOJ must scrutinize newly emerging factors that are pushing up prices</a></li><li><a href="https://www.forexlive.com/centralbank/feds-bostic-not-ready-to-rule-out-further-rate-hikes-if-required-but-does-not-see-need-20230629/">Fed's Bostic: Not ready to rule out further rate hikes if required, but does not see need</a></li><li><a href="https://www.forexlive.com/centralbank/boe-tenreyrodata-could-be-consistent-with-slightly-slower-decline-in-inflation-pressures-20230629/">BOE Tenreyro:Data could be consistent with slightly slower decline in inflation pressures</a></li><li><a href="https://www.forexlive.com/centralbank/boes-tenreyro-we-have-seen-very-little-pass-through-of-uk-policy-tightening-20230629/">BOE's Tenreyro: We have seen very little pass through of UK policy tightening</a></li></ul><p>Markets:</p><ul><li>Gold float at $1907</li><li>US 10-year yields up 13 bps to 3.84%</li><li>WTI crude oil up 27-cents to $69.82</li><li>S&amp;P 500 up 0.4%</li><li>AUD leads, EUR lags</li></ul><p>The drumbeat of strong US economic data continued on Thursday with a drop in initial jobless claims and a substantial surprise to Q1 GDP on trade data revisions. The dollar jumped across the board on the numbers as yields rose to within striking distance of cycle highs.</p><p>USD/JPY led the way once again hitting 144.90 before stalling near the highs. That was a 60-pip rise from pre-data levels.</p><p>The euro also gave back all the German CPI-related gains from early in Europe in something of a sell-the-fact trade as the market begins to fret about a stagflationary scenario. The pair sank 80 pips in a straight line to 1.0860.</p><p>Cable fell by a similar amount as the GBP-volatility continues. It levelled out at 1.2610 in quieter late-day trading ahead of quarter end tomorrow.</p><p>Commodity currencies were able to lean against the strong US dollar as commodity/value trades did well throughout markets. AUD was particularly strong after today's retail sales data while USD/CAD touched 1.3285 early only to fall back to 1.3250 and touch a session low late.</p>

This article was written by Adam Button at www.forexlive.com.