Dollar Index Hits Six-Week Low Amid Weaker Economic News

The US dollar index (DXY) dropped to a six-week low today, down by -0.91%, after weaker-than-expected economic news from the United States.

Q2 GDP rose +1.5% (q/q annualized), below expectations of +2.0%. The core PCE price index eased to +3.4% from +4.4% in Q1, a slower pace than expected.

The dollar's losses accelerated after the Japanese yen surged on signs of suspected intervention by Japanese authorities to prop up the yen. This was amid weakness in the dollar following the Federal Reserve's (Fed) decision not to raise interest rates on Wednesday.