Forex

Dollar holds above 27-month low ahead of US jobless claims

2020-08-06 12:11:21 GMT (Economies.com)

The US dollar rose on Thursday, to consolidate above the 27-month low it hit earlier in Asian trade, to rebound ahead of the US weekly unemployment claims.

 

The dollar index rose 0.2% to 92.96, after opening at 92.77, and hit an intraday low and the lowest since May 2018 at 92.52.

 

The index lost 0.75% yesterday, posting its second daily loss, as sell-off of the US dollar continued.

 

The US dollar's losses are mainly due to disappointing data about new jobs in the US private sector for July, which raised concerns over the US economy recovery from the coronavirus pandemic

 

The US dollar is also being weighed down by the ongoing political debate between the Democratic and the Republican parties over the new relief bill.

 

Investors are anticipating key economic data releases today on the US labor market, amid the latest developments in the coronavirus crisis that forced the US to tighten the public lockdown restrictions once again in some cities and states.

 

At 12:30 GMT, the US economy will release the unemployment claims reading, with forecasts to reach 1.410 million during the week ending August 1.

 

The US economy closure since mid-March has forced around 53.5 million American workers to apply for unemployment benefits, and pushed the US unemployment rate to its all-time high of 14.7% during April.

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