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Barchart
Rich Asplund

Dollar Slides on Signs of US Labor Market Weakness

United States ADP BOJ US Federal Reserve Gold Ueda ECB Interest Rates PBOC

The dollar index (DXY00) today is down by -0.13%.  The dollar is under pressure today as signs of weakness in the US labor market have bolstered the outlook for the Fed to keep cutting interest rates after ADP reported employers cut jobs this month.  Losses in the dollar are limited by today’s news that the Nov NAHB housing market index unexpectedly rose to a 7-month high. Also, today’s slide in stocks has boosted some liquidity demand for the dollar.

US weekly initial unemployment claims were 232,000 for the week ended October 18.  Weekly continuing claims rose +10,000 to a 2-month high of 1.957 million.

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