Dollar gives up three-week high ahead of unemployment claims data
2023-12-07 11:30AM UTC

Dollar declined in European trade on Thursday against a basket of major rivals away from three-week highs on track for the first loss in four days on active profit-taking.


Such losses come ahead of US unemployment claims data later today, which will provide clues on the health of the US labor sector. 


The Index


The dollar index fell 0.4% to 103.78, with an intraday high at 104.20, after rising 0.2% on Wednesday, the third profit in a row, hitting a three-week high at 104.23 on speculation Bank of England and the ECB might cut interest rates faster than the Fed. 


US Rates


The odds for a Fed interest rate hike at the December meeting stood at just 2%.


Odds for an interest rate cut at the Fed March 2024 meeting stood at 60%, while odds for such a cut at the May meeting stood at 85%.


Fresh Data


Now investors await important US labor data, including unemployment claims data for the week ending December 2, and the payrolls report tomorrow.


US unemployment claims are expected up to 221 thousand last week from 218 thousand in the previous reading. 


Obviously, strong US labor data would assuage concerns about the economy and potentially delay interest rate cuts in 2024, in turn underpinning the greenback. 

Forex and Currency News

Forex News


The dollar declines after weak US data
2024-03-01 21:25PM UTC
The dollar declined against most major rivals on Friday following weak data and speculation about ...
EUR/USD news


Euro gains ground ahead of European inflation data
2024-03-01 08:14AM UTC
Euro rose in European trade on Friday against a basket of major rivals, holding above one-week lows ...
Forex News


Dollar edges up after inflation data
2024-02-29 21:46PM UTC
Dollar rose against most major rivals on Thursday following US inflation data, which could have an ...

Forex Technical Analysis

GBP USD Analysis


Midday update for the GBPUSD 01-03-2024
2024-03-01 10:39AM UTC
The GBPUSD pair keeps its stability below 1.2650, to keep the correctional bearish trend valid for ...
EUR USD Analysis


Midday update for the EURUSD 01-03-2024
2024-03-01 10:39AM UTC
The EURUSD pair fluctuates around the EMA50 since morning, and didn’t show any strong move ...
GBP USD Analysis


The GBPUSD breaks the support - Analysis - 01-03-2024
2024-03-01 08:47AM UTC
The GBPUSD pair faced clear negative pressure yesterday, as it broke 1.2650 level and closed the ...