U.S. Dollar Firms As Jobless Claims Fall More Than Expected
08 Februar 2024 - 12:12PM
RTTF2
The U.S. dollar appreciated against its major counterparts in
the European session on Thursday, as a drop in jobless claims last
week dashed hopes of imminent rate cuts by the Federal Reserve.
Data from the Labor Department showed that initial jobless
claims slipped to 218,000, a decrease of 9,000 from the previous
week's upwardly revised level of 227,000.
Economists had expected jobless claims to edge down to 220,000
from the 224,000 originally reported for the previous week.
Comments from policymakers dampening prospects for early and
steep interest rate cuts further supported the currency.
Boston Fed President Susan Collins said on Wednesday that rate
cuts could come later this year.
But she hasn't given any timetable for action and said she will
need to see more evidence of inflation moving down to the 2 percent
target before considering adjusting the policy stance.
The greenback advanced to a 2-1/2-month high of 149.46 against
the yen and near a 2-month high of 0.8760 against the franc, off
its early lows of 147.92 and 0.8724, respectively. The currency is
poised to find resistance around 151.00 against the yen and 0.90
against the franc.
The greenback strengthened to 2-day highs of 1.2571 against the
pound and 1.0741 against the euro, from an early low of 1.2638 and
a 6-day low of 1.0788, respectively. The greenback may find
resistance around 1.24 against the pound and 1.06 against the
euro.
The greenback appreciated to 2-day highs of 0.6481 against the
aussie and 0.6078 against the kiwi, reversing from its early lows
of 0.6531 and 0.6123, respectively. The currency is likely to
locate resistance around 0.63 against the aussie and 0.59 against
the kiwi.
The greenback rose to 1.3492 against the loonie, from an early
6-day low of 1.3447. If the greenback rises further, it is likely
to test resistance around the 1.38 region.
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