US Dollar Strengthens on Unexpected Jobless Claims Data
(Employment data is a trailing indicator, though, so it might not provide information on what’s ahead.) As a result of the improvement on the labor front, the US dollar is getting a boost today. Compared to the eurozone, with its record-high unemployment rate, and with the United Kingdom, with its risk of a triple-dip recession, the United States is looking pretty good. Throw in the fact that Japan is aggressively pursuing a course that is meant to weaken the yen, and it is little surprise that the dollar is in demand. Lower commodities are also helping, as gold prices continue to struggle, and oil prices fall as demand remains unexpectedly low. At 16:53 GMT EUR/USD is down to 1.3105 from the open at 1.3153. GBP/USD is down to 1.5500 from the open at 1.5534. USD/JPY is up to 99.3500 from the open at 99.0055. If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.