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On July 17th, the US Dollar opened stronger following a volatile Wednesday driven by headlines suggesting President Trump sought to fire Fed Chair Jerome Powell—rumors he later denied, though markets remained unsettled. Retail sales showed resilient consumer spending, while softer import prices and mixed inflation data leave the US economic outlook uncertain ahead of the Fed's July 30th decision and Q2 GDP release. Abroad, the Australian and New Zealand dollars fell sharply, weighed down by risk sentiment and weak Australian jobs data. The euro also slipped, with final CPI confirming modest inflation and Germany rejecting a proposed EU fiscal expansion. Markets remain sensitive to political and policy risks globally.
