News Column

Euro remains firm versus dollar after jobless claim data

January 23, 2014

The euro remained firm against the U.S. dollar after jobless claims data came neat the lowest levels in six weeks. The EURUSD is currently trading around 1.3654 after hitting a peak of 1.3668, while the session's low was seen at 1.3529. The single currency took a boost earlier today after a report showing further expansion in both manufacturing and services sectors in January. A composite of manufacturing and services showed further expansion in January as the PMI gauge soared to 53.2 from 52.1 in December, compared with median forecast of a rise to 52.5. The euro kept it gains after the U.S. Labor Department showed initial unemployment insurance claims increased by 1,000 in the week-ended January 18 from 325,000 a week before, exceeding estimates of a rise to 330,000. The main focus remains on Fundamentals from major economies as investors want to get clues about the pace of recovery. Perhaps the coming meeting for the Fed on January 28-29 would give a clear signs about the pace at which the Fed would taper its stimulus. Policymakers decided last month to scale back $10 billion to $75 from its monthly bond purchases starting from January until nothing by the end of this year. The dollar index, which tracks the dollar movements versus a basket of major currencies, dipped sharply to set a new bottom at 80.68, falling from the session's high of 81.35.


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Source: ICN.com Financial Markets


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