The US dollar weakened today against most other major currencies after the reports showed that the number of the unemployment claims in the US rose and the leading indicators increased less than was predicted.
Analysts predicted that the claims for the unemployment benefits would increase from 385,000 to 401,000 in the previous week. The actual reading was higher than the prediction — 410,000. The Leading Indexof the Conference Board Inc. posted the growth by 0.1 percent in January, compared to the December growth by 0.8 percent. The median forecast suggested the 0.3 percent increase. The yields on the two-year Treasury notes dropped 6 basis points to 0.76 percent, the lowest intraday level since February 8.
There were some good news, though. The growth of the consumer prices was more than expected — 0.4 percent compared to forecast 0.3 percent. The manufacturing index of the Federal Reserve Bank of Philadelphia jumped from 19.3 to 35.9 this month, compared to the expected reading of 20.8. The report said that “firms remain confident that an expansion of manufacturing activity will continue over the next six months”.
EUR/USD rose from 1.3566 to 1.3615 as of 23:29 GMT today after falling previously to 1.3536. GBP/USD advanced from 1.6092 to 1.6177, while USD/JPY dropped from 83.66 to 83.30.
If you want to comment on the US dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.
Earlier News About the US Dollar:
- Important Week for US Dollar, Can It Confirm Bullish Trend? (2011-02-15)
- US Dollar Gains After Mubarak Resigns (2011-02-11)
- US Dollar Gains as Unemployment Claims Decline (2011-02-10)
- Higher Interest Rates in China Can't Support US Dollar (2011-02-08)
- Lower Unemployment in US Boosts Dollar (2011-02-04)
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