Forex Today: US Dollar recovery loses steam, focus shifts to mid-tier data releases

Here is what you need to know on Thursday, August 8: Following a two-day rebound, the US Dollar (USD) seems to be struggling to keep its footing on Thursday, with the USD Index retreating back below 103.00 in the European session.

Here is what you need to know on Thursday, August 8: Following a two-day rebound, the US Dollar seems to be struggling to keep its footing on Thursday, with the USD Index retreating back below 103.00 in the European session. The US Department of Labor will release the weekly Initial Jobless Claims data later in the day. Wholesale Inventories for June will also be featured in the US economic docket.

EUR/USD registered modest losses for the second consecutive day on Wednesday but managed to hold above 1.0900. The pair edges slightly higher toward 1.0950 in the European morning on Wednesday. The Bank of Japan's Summary of Opinions from its July 30-31 showed on Thursday that some members saw the need for further rate hikes, with one member arguing that the BoJ should eventually raise the policy rate to levels deemed neutral to the economy, which is likely at least around 1%.

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