The Greenback found support on Friday on the back of US President Donald Trump comments hinting a strong US Gross Domestic Product (GDP) figure. The actual GDP number for Q2 growth matched market's expectations, with the economy up 4.1%, the fastest pace of growth in four years. US trade wars continued to make headlines with US Donald Trump pulling back from imposing tariffs on cars' imports, and in a joint statement with the EU, both pledged to work together toward zero tariffs.
It’s quite a busy week ahead in the US macroeconomic calendar starting on Tuesday with the June Personal Consumption Expenditures (PCE) inflation report. On Thursday sees the release of the Federal Reserve monetary policy meeting (FOMC Statement). The Federal Reserve is highly unlikely to raise rates at its policy meeting leaving interest rates at 2%. Finally on Friday sees the release of the US Nonfarm Payroll report. The US is expected to have added in July 195K new jobs, the unemployment rate is expected at 3.9% while wages are seen holding within their recent levels, up 0.3% MoM and 2.7% YoY.
From a technical perspective, the US Dollar has opened weaker against the Australian Dollar (0.7402) and the Great British Pound (1.3108). The Greenback is slightly stronger against the Euro (1.1658) but still within familiar levels, at around 1.1660.