US Dollar is trading down against the majority of its major peers.

US Dollar (USD) trades marginally lower on Thursday, following Wednesday’s strong rise, while the Japanese Yen (JPY) appears to be recovering slightly from recent losses. Japanese Finance Minister Shunichi Suzuki stated that the government is actively monitoring the currency market and is prepared to act when necessary, causing the yen to climb from a new multi-decade low and gain intraday against the US dollar. The question is how the impact of these statements will remain as the rebound begins to lose momentum in the European trading day.

A big data release is scheduled, including US GDP, durable goods, and weekly jobless claims.

On the US economic calendar, all major data points will be announced at 14:30 GMT, including the final reading for Q1 US GDP, US Durable Goods, and weekly Jobless Claims. Expect an increase in volatility, especially if the data does not support a higher Greenback.

Daily Market movers: data-driven. Thursday. The US dollar index is hovering around 106.00, holding onto Wednesday’s gains.

US Dollar (USD) trades marginally lower on Thursday, following Wednesday’s strong rise, while the Japanese Yen (JPY) appears to be recovering slightly from recent losses.

At 12:30 GMT, practically all significant data points will be released:
US GDP for the third quarter:
Headline GDP is predicted to rise at an annualized pace of 1.4%, up from 1.3% previously estimated.
The GDP Price Index should remain constant at 3.1%.
The headline The Personal Consumption Expenditure Price Index is expected to remain constant at 3.3%, with the core reading also remaining flat at 3.6%.
US Durable Goods in May:
Headline Orders for durable goods are forecast to dip by 0.1%, reversing a 0.6% increase the previous month.
Durable goods excluding cars and transportation are predicted to grow by 0.2%, a slower rate than the 0.4% gain in April.
Weekly jobless claims for the week ended June 14th:
Initial jobless claims are likely to fall marginally to 236,000 from 238,000.
Continuing Claims are expected to rise to 1,820,000 from 1,828,000.
Pending Home Sales for May, scheduled at 14:00 GMT, should improve from -7.7% to 2.5%.

Kansas Fed Manufacturing Activity Index for June will be released at 15:00 GMT.

US Dollar (USD) trades marginally lower on Thursday, following Wednesday’s strong rise.  At 15:00 GMT, the Kansas Fed Manufacturing Activity Index for June will be released. The previous printout was at -1.

Equities are struggling once again. In Asia, all major indices are expected to close in the red, while US futures are down less than 0.50%. European shares are trading somewhat flat.
Despite recent comments by Fed officials, the CME Fedwatch Tool is widely supportive of a rate cut in September. The current odds for a 25-basis-point decrease are 56.3%. A rate pause is 37.7% likely, while a 50-basis-point rate drop is a remote 6.0% likelihood.
The 10-year benchmark rate in the United States is trading near its weekly high of 4.33%.