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SubscribeHello members of this forum, dollar movements were affected by economic data from the United States and other parts of the world. The dollar index, which fell to 97.23 from the highest level at 97.80 it touched in the European session, fell to 97.40, but was still 0.16% behind its previous closing. Against the euro, the dollar weakened to $ 1.1263, but later stabilized to $ 1.1235, a marginal decrease from the previous closing of $ 1.1244. Eurozone inflation rose to 0.3% from 0.1% in May. Economists had expected the interest rate to remain unchanged at 0.1%. Core inflation continued to remain below the ECB target level "less than that, but close to 2 percent". Against the British pound, the dollar fell to $ 1.2403, losing more than 0.8%. Data from the Office for National Statistics showed that the British economy contracted at the fastest common pace since 1979 as measures to reduce the spread of coronavirus affected all sectors. GDP decreased by 2.2%, respectively, instead of the initially estimated decline of 2% and followed zero growth in the fourth quarter of 2019. The last drop was the largest common contraction since the third quarter of 1979. On an annual basis, GDP decreased by 1.7% in the first quarter, down from an estimated 1.6% in May. The Japanese currency fell to $ 107.90, losing more than 0.3%. The Ministry of Economy, Trade and Industry said that Japan's industrial production fell 25.9% year on year in May. This was quite shy of expectations for a 11.3% drop after a 15% drop the previous month. On a seasonally adjusted monthly basis, industrial production fell 8.4% - again below expectations for a 5.6% drop after a 9.8% drop in April. The Australian dollar was almost 0.6% stronger at $ 0.6905, up from $ 0.6866. The Canadian dollar rose to CAD 1.3576, up from CAD 1.3659 and the Swiss franc traded at 0.9474 to the dollar, up 0.4%, after data showed a jump in Swiss retail sales.
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