Dollar consolidates above 7-week low ahead of US jobless claims

Economies.com
2020-10-22 12:20PM UTC

The US dollar rose on Thursday, to consolidate above the 7-week low, on the cusp of the first gain in 5 days, as demand increased amid doubts about the US passing the new Covid-19 aid package. ahead of the US weekly unemployment claims.

 

The dollar index rose 0.3% to 92.92, after opening at 92.66, and hit an intraday low at 92.61.

 

The index lost 0.5% yesterday, posting its fourth daily loss, and hit the lowest since September 2 at 92.47 points.

 

US President Donald Trump accused Democrats of being unwilling to formulate a compromise on the economic aid bill, which came in tandem with expectations about the difficulty of passing the bill through the Republican-controlled Senate before the Nov.3 presidential election.

 

The debate about the US second fiscal aid package dampened the global market sentiment and increased doubts about passing the package ahead of the next US presidential election, which renewed demand for the US dollar as the best alternative investment.

 

Investors are anticipating key economic data releases today on the US labor market, amid the latest developments in the coronavirus crisis and the rising infections in several US states.

 

At 12:30 GMT, the US economy will release the unemployment claims reading, with forecasts to reach 0.860 million during the week ending October 17, from 0.898 million last week.

Forex and Currency News

Forex News

Forex

Dollar hits six-week high ahead of US growth data
2024-03-28 11:38AM UTC
US Dollar's Rise in European Trade The US dollar rose in European trade on Thursday against a ...
EUR/USD news

Forex

Euro sharpens decline to five-week trough on the interest rate gap
2024-03-28 08:30AM UTC
Euro declined in European trade on Thursday against a basket of major rivals, sharpening losses for ...
Forex News

Forex

Dollar under pressure ahead of Christopher Waller's speech
2024-03-27 11:18AM UTC
The dollar declined in European trade on Wednesday against a basket of major rivals away from ...

Forex Technical Analysis

USD CHF Analysis

Forex

The USDCHF price faces temporary negative pressure – Forecast today - 29-03-2024
2024-03-29 01:48AM UTC
USDCHF Price Analysis Expected Scenario: Bullish Trend The USDCHF pair rebounded bearishly ...
NZD USD Analysis

Forex

The NZDUSD price keeps its negative stability – Forecast today - 29-03-2024
2024-03-29 01:47AM UTC
NZDUSD Price Analysis Expected Scenario: Bearish Trend The NZDUSD price remains below the ...
AUD USD Analysis

Forex

The AUDUSD price awaits confirmed break – Forecast today - 29-03-2024
2024-03-29 01:47AM UTC
AUDUSD Price Analysis Expected Scenario: Bearish Momentum The AUDUSD price failed to sustain ...