Dollar Turns In Mixed Performance Against Major Counterparts
2024-08-08
4552
(fxcue news) - The U.S. dollar firmed against some of its major counterparts on Thursday as concerns about a recession in the world's largest economy eased after data from the Labor Department showed a bigger than expected drop in jobless claims last week.
Prospects of a series of interest rate cuts in the upcoming months limited the dollar's upside.
Data from the Labor Department said initial jobless claims fell to 233,000 in the week ended August 3rd, 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.
The bigger than expected decline came a week after jobless claims reached their highest level since hitting 258,000 in the week ended August 5, 2023.
The dollar index, which stayed weak during the Asian and European sessions, climbed higher in the New York session. After rising to 103.55, the index pared gains and was last seen at 103.21, up slightly from the previous close.
Against the Euro, the dollar gained marginally at 1.0918. The dollar weakened against Pound Sterling, easing by about 0.44% to 1.2749 a unit of the British currency.
Against the Japanese currency, the dollar strengthened to 147.20 yen. The dollar shed value against the Aussie, trading at 0.6592.
The Swiss franc weakened to 0.8669 a unit of greenback, while the Loonie firmed to 1.3733 against the dollar.
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