The Dollar Continues Gains as Jobless Claims Rise Less than Expected

Photo of author

By Jacob Maslow

The dollar continued to extend its gains against other major currencies as new data shows jobless claims rose less than expected last week.

The dollar pushed higher against the euro, with EUR/USD reaching a three-week low and dropping 1.33%.

Mario Draghi, President of the European Central Bank, stated at the monthly ECB conference that the bank will be “reexamining” its monetary policy in December. His remark hinted at the bank possibly taking further easing measures.

Draghi also noted that the ECB’s quantitative easing program will continue to run until 2016, and may go beyond this deadline if necessary. He also said that risks for downside growth and inflation have emerged in the euro area.

Over in the US, the Department of Labor released new data that shows the number of people who filed for initial jobless benefits increased by just 3,000 to reach 259,000. Analysts were expecting jobless claims to increase by 9,000 and reach 265,000.

The dollar was also higher against the Swiss franc, with USD/CHF increasing 0.93%. Meanwhile, the dollar slipped against the pound, with GBP/USD increasing 0.16%.

The Australian dollar was lower against the greenback, with AUD/USD dropping 0.23%. The New Zealand dollar surged ahead, with NZD/USD increasing 0.74%.

The US dollar index was up 0.86% to reach 95.97, the highest level seen since October 6.

Images Courtesy of DepositPhotos