U.S. Dollar Rises As Falling Jobless Claims Ease Concerns Over Recession
2024-08-07
4424
(fxcue news) - 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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