The US dollar managed to pare losses, rising on the back of a better than expected durable goods orders report yesterday. Data from the commerce department showed that durable goods orders rose 6.5% on the month in June. This marked the quickest pace of increase in three years and beat estimates of a 3.8% increase.
The US dollar index briefly fell to a 13-month session low before managing to close the day with gains.
Looking ahead, traders will be watching the advance GDP report from the US today. According to the economists polled, the US GDP is expected to have increased 2.5% on the quarter, following a 1.4% increase in GDP in Q1. From the eurozone, flash GDP numbers from France and Spain are due while Germany will be reporting the preliminary inflation data for July.
