The Sunday Mail
THE US dollar fell in late trading on Thursday as weaker-than-expected economic data seemed to signal a contracting economy.
The dollar index, which measures the greenback against six major peers, fell 0,12 percent at 101.8493 in late trading.
In late New York trading, the euro rose to US$1,0963 from US$1,0952 in the previous session, and the British pound increased to US$1,2440 from US$1,2438 in the previous session.
The US dollar bought 134.3440 Japanese yen, lower than 134.7260 Japanese yen of the previous session.
The US dollar was down to 0.8934 Swiss francs from 0.8976 Swiss francs, and it increased to 1.3472 Canadian dollars from 1.3462 Canadian dollars.
The US dollar fell to 10.3189 Swedish Krona from 10.3451 Swedish Krona.
The US Department of Labor reported Thursday that new jobless claims increased to 245 000 in the week ending April 14 from 240 000 in the prior week. Economists had expected a reading of 242 000.
The Federal Reserve Bank of Philadelphia reported Thursday that the Philadelphia Fed manufacturing index was -31,3 in April, down from -23,2 in March. It was the lowest reading since May 2020. Economists had expected a reading of -19,4.
“If the Fed stays the course, broad financial conditions should continue to tighten, the economy should decelerate into recession,” Chris Senyek, chief investment strategist at Wolfe Research, said in a note on Thursday.
Loretta Mester, president of Federal Reserve Bank of Cleveland, said on Thursday that “demand is still outpacing supply in both product and labor markets and inflation remains too high,” while noting that the real federal funds rate will stay “in positive territory for some time” after it moves above 5 percent. – Xinhua
