The U.S. dollar drifted lower on Thursday, losing ground again other major currencies, hurt by data showing a record drop in U.S. Gross Domestic Product in the second quarter.
A report showing an increase in unemployment claims in the week ended July 25th contributed as well to dollar's decline.
Data from the Commerce Department showed a record contraction in U.S. economic activity in the second quarter. The report said real gross domestic product plummeted at an annual rate of 32.9% in the second quarter following a 5% slump in the first quarter.
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Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.