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US Dollar Looks for Direction As Jobless Claims Fall to Pandemic Low

The US dollar is looking for direction against many of its currency rivals on Thursday after the federal government reported that the number of Americans filing for first-time unemployment benefits declined to a pandemic low. The US central bank’s important September policy meeting continues to weigh on the buck, while uncertainty surrounding Congress’ newest stimulus package sparks concern in the broader financial markets.

Euro Surges to 2-Year Highs Against the US Dollar, Later Retreats

The euro today rallied to new 2-year highs against the US dollar mainly driven by the latter’s overall weakness as tracked by the US Dollar Index. The EUR/USD currency pair today hit a high of 1.1966, which was last seen in March 2018 driven by the bullish investor sentiment.

Australian Dollar Retreats After Economy Contracts, Ending Almost 30-Year Expansion

The Australian dollar was rising at the start of today’s trading session, reaching multi-month highs, but has retreated after the release of Australian gross domestic product for the first quarter of this year. The report revealed that the Australian economy contracted, ending its record almost 30-year period of growth.

NZ Dollar Attempts to Rise After Surprise Growth of Employment

The New Zealand dollar attempted to rally today following a surprisingly positive employment report that showed that New Zealand unexpectedly added jobs last quarter. The currency has retreated against some of its rivals by now but managed to keep gains versus others.

Australian Dollar Edges Higher After Positive Retail Sales

The Australian dollar rose a bit today following the release of a better-than-expected retail sales report. Gains were limited, though, as the market sentiment was mixed, failing to help the currency in finding direction.

US Dollar Mixed As 22 Million Americans Lose Jobs in Four Weeks

The US dollar is mixed against its G7 currency rivals on Thursday after the US government reported a slightly worse-than-expected jobs report that brought the total number of Americans who lost their jobs to about 22 million. A flurry of other economic data weighed on the greenback and US equities, leaving everyone wondering just how long the coronavirus pandemic will affect the world’s largest economy.

Australian Dollar Jumps After RBA Cuts Interest Rates

Fundamentals looked extremely grim to the Australian dollar today. An interest rate cut by Australia’s central bank, unfavorable domestic economic reports, persisting risk aversion on markets — all those factors should have driven the currency down. But instead, the Aussie jumped against almost all of its major rivals, except for the Japanese yen.

Pound Falls Despite Upbeat UK Inflation Data and Positive US Prints

The Sterling pound today fell against the US dollar despite the release of upbeat UK inflation data in the early London session. The GBP/USD currency pair fell at a crucial support level, which has been cited by most analysts as the main reason for the pair’s decline.

Canadian Dollar Mixed As Housing, Jobs Data Unable to Trigger Momentum

The Canadian dollar is trading mixed against multiple currency rivals to kick off the trading week, despite bullish housing and jobs data that should have buoyed the loonie. The paucity of momentum will be more pronounced as the Canadian dollar may trade sideways ahead of the central bank’s policy announcement later this week. Will the currency reverse its downward trend?

Australian Dollar Gains as No Rate Cut Expected in February

The Australian dollar rose today after the outlook for the monetary policy of the Reserve Bank of Australia improved. The general market sentiment improved as well, also providing support to the Australian currency. The Aussie gained against all other most-traded currencies, though by now it has retreated from the day’s highs.

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