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Barchart
Barchart
Rich Asplund

Dollar Advances on Strong US Economic News and a Weak Euro

The dollar index (DXY00) Thursday rose by +0.22% and posted a 2-1/2 month high. Thursday’s better-than-expected US economic news on weekly jobless claims, Sep retail sales, and the Oct NAHB housing market index supported moderate gains in the dollar.  Also, weakness in the euro boosted the dollar after the ECB cut interest rates Thursday.  Strength in stocks Thursday limited liquidity demand for the dollar.

US weekly initial unemployment claims unexpectedly fell -19,000 to 241,000, showing a stronger labor market than expectations of an increase to 259,000.

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