USD Index Down 0.12% as Treasury Yields Slide, Gold Rallies
The US Dollar Index retreated 0.12% as Treasury yields declined, with selling pressure intensifying after July's Richmond Fed manufacturing survey current conditions index unexpectedly dropped to an 11-month low. The weaker-than-expected manufacturing data reinforced concerns about slowing US economic growth, prompting investors to reduce dollar exposure. Gold capitalized on the dollar weakness, rallying as lower yields reduced the opportunity cost of holding non-yielding assets. The disappointing Richmond Fed data adds to recent mixed economic signals, suggesting the Federal Reserve may need to reassess its monetary policy stance. USD/JPY fell 0.15% to 155.20, while EUR/USD gained 0.10% to 1.0845. Near-term dollar weakness could persist if upcoming economic data continues to disappoint, with support for the DXY at 104.50.
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