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Forex News: U.S. Dollar Firms As Jobless Claims Fall More

U.S. Dollar Firms As Jobless Claims Fall More Than Expected

02/08/2024 - 11:12:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its major counterparts in the European session on Thursday, as a drop in jobless claims last week dashed hopes of imminent rate cuts by the Federal Reserve.

Data from the Labor Department showed that initial jobless claims slipped to 218,000, a decrease of 9,000 from the previous week's upwardly revised level of 227,000.

Economists had expected jobless claims to edge down to 220,000 from the 224,000 originally reported for the previous week.

Comments from policymakers dampening prospects for early and steep interest rate cuts further supported the currency.

Boston Fed President Susan Collins said on Wednesday that rate cuts could come later this year.

But she hasn't given any timetable for action and said she will need to see more evidence of inflation moving down to the 2 percent target before considering adjusting the policy stance.

The greenback advanced to a 2-1/2-month high of 149.46 against the yen and near a 2-month high of 0.8760 against the franc, off its early lows of 147.92 and 0.8724, respectively. The currency is poised to find resistance around 151.00 against the yen and 0.90 against the franc.

The greenback strengthened to 2-day highs of 1.2571 against the pound and 1.0741 against the euro, from an early low of 1.2638 and a 6-day low of 1.0788, respectively. The greenback may find resistance around 1.24 against the pound and 1.06 against the euro.

The greenback appreciated to 2-day highs of 0.6481 against the aussie and 0.6078 against the kiwi, reversing from its early lows of 0.6531 and 0.6123, respectively. The currency is likely to locate resistance around 0.63 against the aussie and 0.59 against the kiwi.

The greenback rose to 1.3492 against the loonie, from an early 6-day low of 1.3447. If the greenback rises further, it is likely to test resistance around the 1.38 region.

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