US Dollar Rises Amid Strong Economic Data

The U.S. dollar rose on Thursday following stronger-than-expected economic data, including an upward revision of Q2 GDP to 3.0% and a drop in weekly jobless claims to 231,000, indicating robust economic health. This economic strength has led to reduced expectations for a larger 50 basis point interest rate cut by the Federal Reserve in September. The dollar's gains were partially offset by a decline in pending home sales for July. Meanwhile, the euro weakened due to lower-than-expected German CPI data and dovish comments from ECB officials, despite a rise in Eurozone economic confidence to a 15-month high. Gold held gains amid these developments as traders awaited further inflation data. Treasury yields also rose, reflecting the strengthened economic outlook.