U.S. Dollar Firms As Jobless Claims Fall Unexpectedly
February 22 2024 - 7:16AM
RTTF2
The U.S. dollar climbed against its major counterparts in the
New York session on Thursday, as a drop in weekly jobless claims
suggested that the Federal Reserve is unlikely to rush to lower
rates.
Data from the Labor Department showed that initial jobless
claims fell to 201,000, a decrease of 12,000 from the previous
week's revised level of 213,000.
Economists had expected jobless claims to rise to 218,000 from
the 213,000 originally reported for the previous week.
With Federal Reserve officials signaling they are not in a hurry
to begin cutting interest rates, signs of strength in the labor
market may once again be seen as a positive for the markets.
The currency weakened in the European session, as the European
stock markets traded higher after strong earnings from U.S.
chipmaker Nvidia.
The greenback advanced to 1.0802 against the euro and 1.2611
against the pound, off its early nearly 3-week lows of 1.0888 and
1.2709, respectively. The currency is poised to find resistance
around 1.06 against the euro and 1.24 against the pound.
The greenback touched 150.64 against the yen, setting a 6-day
high. If the greenback rises further, it is likely to test
resistance around the 152.00 region.
Reversing from an early 10-day low of 0.8741 against the franc,
the greenback edged up to 0.8819. The currency is likely to locate
resistance around the 0.90 level.
The greenback recovered to 1.3507 against the loonie and 0.6544
against the aussie, from an early 9-day low of 1.3440 and nearly a
3-week low of 0.6595, respectively. The greenback may find
resistance around 1.36 against the loonie and 0.62 against the
aussie.
The greenback recovered to 0.6178 against the kiwi, from an
early more than 5-week low of 0.6218. The currency is seen finding
resistance around the 0.60 level.
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