The dollar index (DXY00) today is up by +0.28%. The dollar today is moderately higher on positive carryover from Wednesday when the FOMC projected only 25 bp of rate cuts this year compared to 75 bp of rate cuts back in March. Gains in the dollar are limited after US May producer prices rose less than expected, and weekly initial unemployment claims unexpectedly rose to a nearly 10-month high, dovish factors for Fed policy.
US weekly initial unemployment claims unexpectedly rose +13,000 to a 10-month high of 242,000, showing a weaker labor market than expectations of a decline to 225,000.
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