New York: The US dollar exchange rate was under pressure in late trading on Thursday local time. The weakening of US Treasury yields ahead of the release of key US jobs data was the trigger.
Launch ChinaFriday October 6, 2023, at the end of trading in New York, the euro rose to 1.0550 US dollars against 1.0503 US dollars during the previous session. Meanwhile, the British pound rose from 1.2137 US dollars to 1.2194 US dollars.
Additionally, the US dollar bought 148.4060 Japanese yen, lower than 149.0600 Japanese yen in the previous session. The US dollar fell to 0.9129 Swiss francs from 0.9170 Swiss francs, and it fell to 1.3713 Canadian dollars from 1.3745 Canadian dollars. The US dollar slipped to 11.0066 Swedish crowns from 11.0701 Swedish crowns.
As for the dollar index, which measures greenbacks against six other major currencies, it fell 0.42 percent to 106.3469 in late trading.
US Unemployment Data
U.S. initial jobless claims rose slightly to 207,000 in the week ended September 30, according to U.S. Department of Labor data released Thursday.
After initially jumping on the back of reports of jobless claims, yields (yield) on 10-year Treasury bonds then fell to 4.71 percent, compared to 4.73 percent Wednesday evening.
“The slight increase in unemployment claims suggests the overall layoff rate remains low, but that could change as the United Auto Workers strike continues. As the strike spreads, more suppliers may be forced to temporarily lay off non-striking and eligible workers to become unemployed. ” said Bloomberg economist Eliza Winger.
Investors are now turning their attention to Friday’s release of the Labor Department’s September jobs report, which helps determine whether the Federal Reserve will keep interest rates higher for longer.
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