FX Close
The dollar was pushed lower in early N.Y. trade on Thursday, as sharply higher weekly jobless claims and a slightly softer than consensus Q2 GDP outcome saw USD bears initially take charge. EUR/USD spiked to highs of 1.5700, while USD/JPY slipped back toward 107.50. Softer oil prices, along with a better than expected Chicago PMI print, which saw that series return over the 50.00 boom/bust line for the first time since January, eventually led to a round of dollar short covering, which surprisingly, unwound all of the greenback’s early losses, and then some into noontime.