The United States' Gross Domestic Product (GDP) contracted at an annual rate of 0.5% in the first quarter, the US Bureau of Economic Analysis (BEA) announced on Thursday. This reading came in worse than the previous estimate and the market expectation of -0.2%.

Russia Central Bank Reserves $ increased to $687.2B from previous $682.8B

The Indian Rupee (INR) trades stronger against the US Dollar (USD) on Thursday, buoyed by a sharp decline in the US Dollar Index (DXY), which tumbled to a fresh three-year low.

US citizens filing new applications for unemployment insurance dropped to 236K for the week ending June 21, as reported by the US Department of Labor (DOL) on Thursday. This print came in below initial estimates and the previous week's revised tally of 246K (revised from 245K).

Durable Goods Orders in the United States (US) rose by 16.4%, or $48.3 billion, in May to $343.6 billion, the US Census Bureau reported on Thursday. This reading followed a 6.6% decrease (revised from -6.3%) reported in April and came in better than the market expectation for an increase of 8.5%.

United States Wholesale Inventories below expectations (0.1%) in May: Actual (-0.3%)

United States Continuing Jobless Claims above expectations (1.95M) in June 13: Actual (1.974M)

United States Durable Goods Orders ex Transportation above expectations (0%) in May: Actual (0.5%)

United States Gross Domestic Product Price Index came in at 3.8%, above forecasts (3.7%) in 1Q

United States Goods Trade Balance registered at $-96.6B, below expectations ($-88.5B) in May

United States Initial Jobless Claims 4-week average dipped from previous 245.5K to 245K in June 20

United States Initial Jobless Claims registered at 236K, below expectations (245K) in June 20

United States Core Personal Consumption Expenditures (QoQ) above expectations (3.4%) in 1Q: Actual (3.5%)

United States Durable Goods Orders ex Defense climbed from previous -7.5% to 15.5% in May

United States Personal Consumption Expenditures Prices (QoQ) registered at 3.7% above expectations (3.6%) in 1Q

United States Gross Domestic Product Annualized came in at -0.5% below forecasts (-0.2%) in 1Q

United States Durable Goods Orders came in at 16.4%, above expectations (8.5%) in May

United States Chicago Fed National Activity Index fell from previous -0.25 to -0.28 in May

Germany’s new government approved a big budget this week, with a sizeable increase in infrastructure and defence spending planned over the coming years, NOMURA's economists report.

Gold is regaining confidence on Thursday as the poor performance of the US Dollar (USD) becomes the dominant driver of price action.

Mexico Trade Balance s/a, $ down to $-0.059B in May from previous $0.083B

The Japanese Yen (JPY) is strong and outperforming all of the G10 currencies with a 0.8% gain against the US Dollar (USD), Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Brazil Mid-month Inflation registered at 0.26%, below expectations (0.3%) in June

Mexico Trade Balance, $ came in at $1.029B, above expectations ($0.37B) in May

The Pound Sterling (GBP) is up 0.6% against the US Dollar (USD) and performing in line with its peers, responding to Fed developments that are weighing on the USD more broadly, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

The Euro (EUR) is strong, up 0.6% against the US Dollar (USD) and a mid-performer among the G10 in an environment of broad-based USD weakness.

The Canadian Dollar (CAD) is firmer against the weak US Dollar (USD) on the session so far but gains are lagging the CAD’s major currency peers, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

The US Dollar (USD) is weaker this morning, falling for a fourth day in a row and extending below the recent lows for the DXY in the upper 97 zone to reach its lowest since early 2022.

The EUR/USD appreciates for the sixth consecutive day and is trading around the 1.1700 level, after pulling back from nearly four-year highs above 1.1750 earlier on Thursday.

The Pound Sterling (GBP) extends its winning streak against the US Dollar (USD) for the fourth consecutive trading day on Thursday, refreshing an over three-year high at around 1.3765 at the time of writing.