The US dollar weakened into the closing session on Friday as investors quickly raised their bets on the euro. The US dollar index closed at 92.45 marking a 15-month low. The declines in the USD came surprisingly as both Yellen and Draghi failed to address the specifics of the future course of their respective monetary policies.
Friday also saw the US durable goods orders which rose 0.5% on the core while the headline durable goods orders fell 6.8%, reversing the previous month’s 6.0% increase. It was also below the forecasts of a 6.0% decline.
In the Eurozone, the German final GDP figures showed a quarterly GDP growth rate of 0.6% which was in line with estimates.
Looking ahead, the economic calendar is light today leaving traders to digest the comments from Jackson Hole Symposium. The US goods trade balance will be released alongside the wholesale inventories. The pace of economic data is, however, expected to pick up thepace as the week progresses.
