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Forex News: Dollar Weakens As Positive U.S. Data Lifts Sentiment

Dollar Weakens As Positive U.S. Data Lifts Sentiment

06/24/2021 - 10:43:00 (RTTNews)

(RTTNews) - The U.S. dollar dropped against its most major rivals in the European session on Thursday, as a slew of positive reports on U.S. GDP, jobless claims and durable goods orders bolstered risk sentiment.

Data from Labor Department report showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended June 19.

The Labor Department said initial jobless claims edged down to 411,000, a decrease of 7,000 from the previous week's revised level of 418,000.

Economists had expected jobless claims to drop to 380,000 from the 412,000 originally reported for the previous week.

Data from the Commerce Department showed that new orders for U.S. manufactured durable goods rebounded in the month of May.

The report said durable goods orders surged up by 2.3 percent in May after falling by a revised 0.8 percent in April.

Economists had expected durable goods orders to spike by 2.7 percent compared to the 1.3 percent slump that had been reported for the previous month.

A separate report showed that the pace of U.S. economic growth in the first quarter of 2021 was unrevised from the previous estimate.

The report said real gross domestic product spiked by 6.4 percent in the first quarter, matching the estimate provided last month as well as economist estimates.

Upbeat data fueled optimism that the economic recovery is gathering pace, helping improve risk appetite.

The greenback fell to 1.1956 against the euro and 0.9174 against the franc, after rising to 1.1918 and 0.9200, respectively in early deals. The greenback is seen finding support around 1.22 against the euro and 0.90 against the franc.

The greenback retreated from its previous high of 0.7566 against the aussie and more than a 1-year high of 111.12 against the yen, edging down to 0.7592 and 110.69, respectively. The next possible support for the greenback is seen around 0.78 against the aussie and 109 against the yen.

The greenback hit a 1-week low of 0.7073 against the kiwi, off its prior high of 0.7038. If the greenback slides further, 0.72 is possibly seen as its next support level.

In contrast, the greenback firmed to a 2-day high of 1.3891 against the pound from Wednesday's close of 1.3959. Next likely resistance for the greenback is seen around the 1.37 mark.

The Bank of England kept its key interest rate and quantitative easing unchanged, as expected.

The nine-member Monetary Policy Committee headed by Andrew Bailey unanimously decided to hold the benchmark rate at a record low of 0.1 percent.

The U.S. currency recovered from its early low of 1.2282 versus the loonie, with the pair trading at 1.2304. On the upside, 1.25 is possibly seen as its next resistance level.

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