News Column

Dollar Firms As Jobless Claims Slip To 8-Year Low

July 24, 2014



WASHINGTON (Alliance News) - The dollar was generally stronger on Thursday, holding near an 8-month peak versus the euro after a surprisingly positive US jobless claims report.

US initial jobless claims unexpectedly fell to their lowest level in over eight years in the week ended July 19th.

Initial jobless claims slid to 284,000, a decrease of 19,000 from the previous week's revised level of 303,000.

The buck was steady at USD1.3465 versus the euro, having earlier in the week touching its best levels since November.

Upbeat euro zone economic data helped the euro stabilize after recent weakness.

Markit's Composite Purchasing Managers' Index (PMI) of companies across the euro zone rose to 54.0 in July from 52.8, its highest since April.

The dollar extended its weekly gains versus the sterling, rising to USD1.6980 from USD1.7050. Earlier this month the dollar plunged to a 6-year low of USD1.72 amid talk of tightening from the Bank of England.

UK retail sales rose slightly in June, but falling short of expectations, official data showed today.

The dollar improved to Y101.80 versus the yen, but remains in the middle of a narrow long-term trading range.

In other economic news from the US, new home sales showed a notable decrease in the month of June, according to a report released by the Commerce Department.

New home sales tumbled 8.1% to an annual rate of 406,000 in June from the revised May rate of 442,000.



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Source: Alliance News


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