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US Dollar Firm As Unemployment Claims Lowest in Almost 50 Years

April 4, 2019 at 16:01 by Vladimir Vyun

The US dollar was firm today, supported by the unexpected drop of claims for unemployment benefits. Optimism about the upcoming meeting of the leaders of the United States and China was also contributing to the strength of the US currency.

The US Department of Labor reported that the seasonally adjusted number of initial jobless claims dropped to 202,000 last week from the previous week’s revised figure of 212,000. That is instead of an increase to 215,000 predicted by economists. As a result, the unemployment claims were at the level not seen since December 6, 1969.

US President Donald Trump will meet Chinese Vice Premier Liu He at the White House at 20:30 GMT today. Trade negotiations between the world’s two biggest economies are entering the final stages, and so far reports signaled that significant progress has been made in reaching an agreement. That resulted in optimism on markets. But it is important to remember that until something happens it did not happen, therefore a trade deal, while likely, is in no way guaranteed.

EUR/USD declined from 1.1232 to 1.1221 as of 15:47 GMT today. GBP/USD slumped from 1.3156 to 1.3076. USD/JPY edged up from 111.49 to 111.57.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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