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Forex News: U.S. Dollar Climbs As Jobless Claims Drop

U.S. Dollar Climbs As Jobless Claims Drop

06/20/2024 - 13:01:00 (RTTNews)

(RTTNews) - The U.S. dollar was higher against its major counterparts in the New York session on Thursday, as initial jobless claims declined in the week ended June 15.

Data from the Labor Department showed that initial jobless claims dipped to 238,000, a decrease of 5,000 from the previous week's revised level of 243,000.

Economists had expected jobless claims to fall to 235,000 from the 242,000 originally reported for the previous week.

Data from the Commerce Department unexpectedly showed a steep drop in new residential construction in the U.S. in the month of May.

The Commerce Department said housing starts plunged by 5.5 percent to an annual rate of 1.277 million in May after surging by 4.1 percent to a revised rate of 1.352 million in April.

Economists had expected housing starts to climb by 0.7 percent to an annual rate of 1.370 million from the 1.360 million originally reported for the previous month.

The greenback advanced to 2-day highs of 1.0710 against the euro and 1.2674 against the pound, off its early lows of 1.0748 and 1.2722, respectively. The greenback is seen finding resistance around 1.06 against the euro and 1.24 against the pound.

The greenback strengthened to near a 2-month high of 158.74 against the yen and a 3-day high of 0.8926 against the franc, from an early low of 0.8831 and a 2-day low of 157.79, respectively. The currency is likely to locate resistance around 160.00 against the yen and 0.92 against the franc.

The greenback rose to 0.6658 against the aussie, from an early 8-day low of 0.6679. Next key resistance for the currency is seen around the 0.64 level.

The greenback touched a 2-day high of 0.6121 against the kiwi, up from an early 2-day low of 0.6148. If the greenback continues its uptrend, 0.60 is possibly seen as its next resistance level.

Meanwhile, the greenback was lower against the loonie, at an 8-day low of 1.3687. On the downside, 1.34 is likely seen as its next support level.

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