Dollar index climbs to over one-month high

The US dollar index climbed to over a month high on Friday after yesterdays improved jobless claims report reduced bets of a near term Fed rate cut. Data from the US Department of Labor (DOL) showed Initial Jobless Claims unexpectedly fell to 198K in the week ended January 10, below market expectations of 215K and down from the prior weeks revised 207K. The data confirmed that layoffs remain limited and that the labor market is holding up despite an extended period of high borrowing costs. Moreover, market sentiment improved after US President Donald Trump reportedly said he has no plans to remove Fed Chair Jerome Powell. The dollar index that measures the greenback against a basket of currencies is quoting at 99.11, marginally lower on the day but extending gains for the third week in a row.

 

Powered by Capital Market - Live News