US Dollar Stays Unsteady After Weak Economic Data
The US dollar has declined after weaker than expected economic data. Orders for durable goods in the US fell by -1.1% in May against the expected -0.6%. Ex-transport orders increased by 0.1% versus expectation of 0.4%.
The Canadian dollar rose after the recovery of oil prices. The Japanese yen and the Swiss franc remain the weakest major currencies.
The British pound rose against the US dollar and the euro, as Prime Minister Theresa May finally entered into a deal with Northern Ireland's Democratic Unionist Party (DUP) to form a majority in the new parliament.
Data from Germany showed that the Ifo business climate rose to 115.1 in June, compared to the forecast of 114.5. This is the highest level since 1991 and the fifth monthly increase.