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May 16, 2021

The U.S Dollar Rose After The Jobless Claims Came Better than Expected

US Dollar reversing

The U.S Dollar rebounded from the losses which have been generated in the last five sessions as it rose against the basket of six major currencies to close Thursday’s session in the green at 95.53, boosted by positive jobs data in the States.

The Department of Labor in the country reported on Thursday that the initial jobless claims came better than expected where it fell from 212K to 210K while analysts expected an increase of 3000 for the week ending Aug. 17, while Continuing Jobless Claims for the week ending Aug. 10 also have beaten the expectations of an increase by 200,000 as it fell from 1.729 million to 1.727 million.
On the other hand, The Commerce Department stated on Thursday that the new home sales declined by 1.7% reaching 627,000 units during the last month to hit its lowest level since October 2017.

Moreover, the Greenback found support from the expectations that the fed would hike its interest rate next month.

Meanwhile, the Euro and the Great British Pound both fell against the greenback to end the session in the red at 1.15379 EURUSD and 1.28106 GBPUSD, after the Markit Manufacturing PMI in Eurozone came lower than expectations by 0.4 as it fell from 55.1 to 54.6 while Markit Services PMI came in line with the expectations of an increase to 54.4.

Elsewhere in Canada, the Loonie fell against its U.S counterpart where USDCAD rose to end the session in the green at 1.30805, the Canadian Dollar was pressured by stronger Greenback and weaker oil prices where U.S crude oil fell to trade lower at $67.83 a barrel at the close.

Regarding Safe-haven assets, the Greenback rose against the Japanese Yen and Swiss Franc to end the session up 111.261 USDJPY and 0.98589 USDCHF while the prices of the precious metal fell to end the session on negative notes at 1185.30 XAUUSD.

In Asia, both the Aussie and Kiwi Dollars dropped against their American counterpart to close Thursday’s trading session in the red at 0.7244 AUDUSD and 0.66334 NZDUSD.

In terms of Cryptocurrencies, the prices of Bitcoin, Litecoin and Ethereum rose against the U.S Dollar to end the session higher at 6394.51 BTCUSD, 53.95 LTCUSD and 270.87 ETHUSD.

Ali Hwary

Ali Hwary

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