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Forex News: U.S. Dollar Drops Against Majors

U.S. Dollar Drops Against Majors

09/26/2024 - 12:11:00 (RTTNews)

(RTTNews) - Erasing gains, the U.S. dollar fell against its most major counterparts in the New York session on Thursday.

The currency rebounded earlier following the release of strong economic data, including weekly jobless claims and GDP data for the second quarter.

Data from the Labor Department showed that first-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended September 21.

The Labor Department said initial jobless claims slipped to 218,000, a decrease of 4,000 from the previous week's revised level of 222,000.

The dip surprised economists, who had expected jobless claims to rise to 225,000 from the 219,000 originally reported for the previous week.

Final data from the Commerce Department showed that second quarter GDP growth matched both expected and previous figures.

GDP increased 3.0 percent in the second quarter, unchanged from the previous reading, but higher than the 1.4 percent jump reported in the first quarter.

The greenback fell to 1.1178 against the euro and 1.3418 against the pound, off its early highs of 1.1125 and 1.3312, respectively. The currency is seen finding support around 1.13 against the euro and 1.36 against the pound.

The greenback retreated to 0.6895 against the aussie, 1.3466 against the loonie and 0.6322 against the kiwi, from an early high of 0.6818, 2-day high of 1.3489 and a 3-day high of 0.6252, respectively. The currency is likely to challenge support around 0.70 against the aussie, 1.33 against the loonie and 0.645 against the kiwi.

The greenback was trading at 0.8467 against the franc, down from an early 3-day high of 0.8516. The currency is poised to challenge support around the 0.83 level.

In contrast, the greenback appreciated to a fresh 3-week high of 145.21 against the yen. Immediate resistance for the currency is seen around the 147.00 level.

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