The U.S. dollar moved lower on Wednesday, pressured by a combination of weaker-than-expected economic figures and dovish signals from Federal Reserve Chair Jerome Powell.
If you are discouraged by trading losses, why not take a proactive step to improve your strategy? Download our guide, "Traits of Successful Traders," and access invaluable insights to assist you in avoiding common trading errors.
High Unemployment Claims: Conversely, a spike in unemployment claims signals a potential weakening in the labor market. This raises concerns about overall economic health, which can negatively impact the US dollar. A struggling labor market increases the likelihood of the Federal Reserve cutting interest rates to stimulate the economy. Lower rates make the dollar less attractive to foreign investors, leading to potential sell-offs.
The U.S dollar index fell on Wednesday, marking its second consecutive session of losses after encountering resistance at 105.00 earlier in the week. If weakness persists in the coming days, support appears at 104.00, where a short-term ascending trendline intersects with the 50% Fibonacci retracement of the October-December 2023 selloff. Subsequent losses will draw attention to the 200-day SMA.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Dollar bounces up as weak US services data hits US DollarCanadian Dollar bounces up with the US Dollar retreating on downbeat US data.
Read more »
Dollar Tree to Close 370 Family Dollar Locations and 30 Dollar Tree StoresDollar Tree, the discount variety store chain, plans to close 370 Family Dollar locations and 30 Dollar Tree stores due to difficulties in maintaining the value of both brands. The company aims to improve profitability and unlock value at Family Dollar.
Read more »
Australian Dollar loses ground amid stronger US Dollar after mixed data on ThursdayThe Australian Dollar (AUD) depreciates for the second consecutive session on Friday, as the US Dollar (USD) strengthened following mixed S&P preliminary Purchasing Managers Index (PMI) data and robust weekly Jobless Claims from the United States (US).
Read more »
EUR/USD nudges closer to 200-DMA amid weak US DollarThe Euro paired some of its Friday losses against the US Dollar, though it remains shy of reclaiming the 200-day moving average (DMA) at 1.0839.
Read more »
US Dollar Remains Weak, Gold and Bitcoin Eye Fresh Highs as US NFPs NearFed Chair Powell pushed the US dollar lower yesterday after indicating that rate cuts are on the horizon, a similar view to ECB President Lagarde earlier in the day.
Read more »
New Zealand Dollar Extends Downtrend as Weak Fundamentals PersistThe New Zealand Dollar (NZD) edges lower in its most heavily-traded pairs on Wednesday following the trend of the previous weeks as bearish fundamentals, including an overall negative outlook for growth, continue to weigh. Recent comments from the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr failed to give the Kiwi much support, despite the prospect of the RBNZ maintaining relatively high interest rates. Orr stressed the importance of battling too-high inflation in a speech on Tuesday.
Read more »