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Weekly roundup: US dollar shakes off disappointing rise in initial jobless claims

currency-newsWeekly roundup: US dollar shakes off disappointing rise in initial jobless claims
The US dollar made gains at the end of last week, recovering despite a sharper-than-expected weekly increase in initial jobless claims.
While initial jobless claims saw an increase of 965,000 on the week, highlighting persistent weakness within the labour market, this failed to keep the US dollar on the back foot.
Growing optimism over the incoming Biden administration also helped to shore up USD exchange rates, especially as his chosen Treasury Secretary Janet Yellen indicated that there is no intention to weaken the US dollar.
As the general sense of market risk appetite deteriorated, the US dollar was able to climb to multi-week highs against many of the majors.
Even so, another underwhelming week of jobless claims figures could put a dampener on USD exchange rates in the days ahead.
However, signs of resilience in January’s Markit manufacturing and services PMIs may help to limit any downside bias.
As long as the US economy appears on course to deliver a stronger performance in the first quarter, the US dollar could hold onto a stronger footing.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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