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Barchart
Rich Asplund

Dollar Slips on Weak US Economic Reports

United States US Federal Reserve Kazimir ECB ECB Governing Council Kanda Unemployment Japan

The dollar index (DXY00) on Thursday fell by -0.14%.  The dollar was under pressure Thursday after US economic news showed weekly continuing unemployment claims unexpectedly rose to a 2-1/2 year high, a sign of labor market weakness that is dovish for Fed policy. Also, weaker-than-expected US capital goods orders and pending home sales reports weighed on the dollar.  On the positive side, Q1 GDP was revised upward to +1.4% (q/q annualized) from +1.3%, right on expectations.

US weekly initial unemployment claims fell -6,000 to 233,000, showing a stronger labor market than expectations of 235,000.  However, weekly continuing claims unexpectedly rose +18,000 to a 2-1/2 year high of 1.839 million, showing a weaker labor market than expectations of no change at 1.828 million.

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