Dollar retreats further against most major currencies in early US session Q2 GDP missed expectation and grew at 1.9% annualized rate. GDP price index was rose much less than expected at 1.1%.
Personal consumption grew 1.5% while PCE core was also below expecting, growing 2.1%. Jobless claims released today surged sharply to 448k,
adding more pressure to the greenback. Though, better than expected Chicago PMI is providing some support to the greenback.
Impact: A Strong dollar is always negative for bullion and metal prices, while weakness in energy is supporting the down move.
Regards,
Kamlesh Jogi
Commodities Research Analyst
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