Dollar retreats on jump in US jobless claims; eyes on Fed
to the highest in more than 1-1/2 years last week, data on Thursday showed, though layoffs are probably not accelerating as the data covered the Memorial Day holiday, which could have injected some volatility.
The index, which measures the U.S. currency against six major peers, is down 0.6% for the week, set for its worst week since mid-March. "We do think that the U.S., like many economies, will go through a shallow recession this year. So that'll show up in payrolls numbers and jobless claims and these sorts of numbers," said Jarrod Kerr, chief economist at Kiwibank.The Turkish lira tumbled more than 1% against the dollar to a record low of 23.54 after President Tayyip Erdogan appointed Hafize Gaye Erkan, a finance executive in the United States, to head Turkey's central bank.
"A slowing U.S. economy gives the Fed room to pause after 500 bps of consecutive interest rate rises," said Guillermo Felices, global investment strategist at PGIM Fixed Income.
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