U.S. Dollar Rises As Falling Jobless Claims Ease Concerns Over Recession
August 08 2024 - 9:08AM
RTTF2
The U.S. dollar advanced against its most major counterparts in
the New York session on Thursday, as lower-than-expected jobless
claims helped ease concerns about a potential recession.
Data from the Labor Department showed that initial jobless
claims fell to 233,000, a decrease of 17,000 from the previous
week's revised level of to 250,000.
Economists had expected jobless claims to edge down to 240,000
from the 249,000 originally reported for the previous week.
U.S. stocks climbed as soft labor market data allayed concerns
over an economic downturn.
The dollar index rose 0.17 percent to 103.36.
The greenback climbed to 6-day highs of 0.8673 against the franc
and 1.0881 against the euro, from an early low of 0.8559 and a
2-day low of 1.0945, respectively. The currency is likely to locate
resistance around 0.94 against the franc and 1.06 against the
euro.
The greenback edged up to 147.54 against the yen and 1.3765
against the loonie, off its early lows of 145.42 and 1.3726,
respectively. Next key resistance for the currency is seen around
152.00 against the yen and 1.39 against the loonie.
In contrast, the greenback fell to 1.2734 against the pound,
reversing from an early more than 5-week high of 1.2664. The
currency is seen finding support around the 1.31 level.
The greenback dropped to a 2-week low of 0.6579 against the
aussie, down from an early 2-day high of 0.6507. The currency is
poised to challenge support around the 0.69 level.
The greenback eased to 0.6006 against the kiwi, off an early
high of 0.5977. The currency may locate support around the 0.63
level.
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