The U.S. dollar dropped against its major counterparts on Thursday, following a report showing unexpected increase in initial jobless claims in the week ended September 6th. The Labor Department report showed that initial jobless claims climbed to 315,000, an increase of 11,000 from the previous week’s revised level of 304,000.
The continued increase came as a surprise to economists, who had expected jobless claims to edge down to 300,000 from the 302,000 originally reported for the previous week.
The unexpected increase in jobless claims comes on the heels of last week’s disappointing monthly jobs report.
The dollar bulls had been rallying during this week, amid expectations that the U.S. Federal Reserve would normalise its monetary policy soon after winding down its asset purchase program completely in the October meeting.
The greenback edged down to 1.2946 against the euro, compared to 1.2914 hit late New York Wednesday. The greenback may possibly challenge support around the 1.30 zone.
Germany’s inflation in August, measured on the consumer price index, held steady as initially estimated, at its lowest level since February 2010, final data from Destatis showed.
The consumer price index rose 0.8 percent year-on-year in August, same as in July. This was the lowest since February 2010, when prices climbed 0.5 percent. On a monthly basis, consumer prices remained unchanged.
The greenback dropped to 0.9343 against the Swiss franc, after having advanced to a new 1-year high of 0.9395 on yesterday. On the downside, 0.925 is likely as next support level for the greenback.
Pulling away from an early 6-year high of 107.14 against the Japanese yen, the greenback eased back to 106.64. If the greenback continues its downtrend, it may seek support around the 105.6 mark.
Japanese large manufacturers’ confidence turned positive during July to September, a quarterly survey published by the Cabinet Office showed.
The business survey index for large manufacturers rose to 12.7 in July to September from -13.9 in the prior three months. The index is forecast to improve further to 15.1 in October to December.
The greenback proceeded with its early decline against the Sterling, touching more than a 7-month low of 1.6270. The next possible support for the greenback may be eyed around the 1.64 area.
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