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Barchart
Barchart
Rich Asplund

Dollar Slumps on U.S. Economic Concerns and Euro Strength

Euro US Federal Reserve ECB Unemployment United States Gold

The dollar index (DXY00) on Thursday fell by -0.47%.  The dollar Thursday moved lower for the third straight session and posted a 10-week low.  Thursday’s U.S. PPI and initial unemployment claims reports were dovish for Fed policy and weighed on the dollar.  A rally in the euro Thursday to a 1-year high also undercut the dollar. In addition, strength in stocks Thursday reduced liquidity demand for the dollar.

U.S. weekly initial unemployment claims rose +11,000 to 239,000, showing a weaker labor market than expectations of 235,000.  However, weekly continuing claims unexpectedly fell -13,000 to 1.810 million, showing a stronger labor market than expectations of an increase to 1.833 million.

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