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Forex News: U.S. Dollar Comes As Pressure As Biden Signs

U.S. Dollar Comes As Pressure As Biden Signs Stimulus Bill

03/11/2021 - 16:22:00 (RTTNews)

(RTTNews) - The value of the U.S. dollar came under pressure during trading on Thursday, extending the downward trend seen over the past few days.

The U.S. dollar index has slid 0.5 percent to 91.37 pulling back further off the three-month high set on Monday.

Currently, the dollar is trading at 108.46 yen versus the 108.38 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1988 compared to yesterday's $1.1929.

The drop in the value of the dollar came after the House passed a $1.9 trillion relief package, which President Joe Biden later signed into law.

On the U.S. economic front, the Labor Department released a report showing first-time claims for U.S. unemployment benefits fell to a four-month low in the week ended March 6th.

The Labor Department said initial jobless claims dropped to 712,000, a decrease of 42,000 from the previous week's revised level of 754,000.

Economists had expected jobless claims to dip to 725,000 from the 745,000 originally reported for the previous week.

With the bigger than expected decrease, jobless claims fell to their lowest level since hitting 711,000 in the week ended November 7th.

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