Us Dollar Gains On Strong Jobless Claims Data

March 28, 2014

Frankfort (Mar 28)  The euro is heading for a three-week low against a number of major currencies as it is under pressure due to the European Central Bank’s speculation. In contrast, the British pound reached a three-week high against the euro and a weekly high against the US dollar, climbing to $1.66456 on Thursday. This boost was supported by the better than expected Retail Sales data that rose by 1.7%. The focus for Friday is on the UK Current Account news at 09:30 GMT.

The aussie is holding on to its four-month high against the US dollar, whereas the Japanese yen lost ground against the greenback. The New Zealand dollar is aiming for a two and half year high after an increase in its trade surplus and speculation that there might be an interest rate increase by its Central Bank.

Following the strong unemployment claims data on Thursday, which dropped by 10,000 to reach its lowest level since November, the US dollar rose higher against the euro. US Stocks on the other hand, had yet another drop, lead mainly by the technology stocks. Citigroup’s shares were knocked down almost 5.5%, its biggest fall in a single day since 2012, after the Federal Reserve rejected its share buyback and dividends plan.


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