U.S. Dollar Declines After Higher Jobless Claims
10:39, 20th February 2025
(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Thursday, following the release of higher-than-expected initial jobless claims for the week ended February 15.
Data from the Labor Department showed that initial jobless claims rose to 219,000, an increase of 5,000 from the previous week's revised level of 214,000.
Economists had expected jobless claims to inch up to 215,000 from the 213,000 originally reported for the previous week.
Investors digested President Donald Trump's plan to impose 25 percent tariffs on imports of automobiles, pharmaceuticals and semiconductors.
Trump said the tariffs could be imposed as early as April 2nd and warned the duties could "go substantially higher over a course of a year."
The greenback touched 1.0493 against the euro and 0.8981 against the franc, setting 3-day lows. The greenback is poised to challenge support around 1.09 against the euro and 0.88 against the franc.
The greenback fell to a fresh 2-month low of 1.2648 against the pound and a 2-1/2-month low of 149.46 against the yen. The greenback may face support around 1.29 against the pound and 146.00 against the yen.
The greenback declined to more than 2-month lows of 0.5759 against the kiwi and 0.6395 against the aussie, from an early high of 0.5693 and a 6-day high of 0.6327, respectively. The greenback is likely to face support around 0.59 against the kiwi and 0.65 against the aussie.
The greenback edged down to 1.4177 against the loonie. If the currency falls further, it is likely to test support around the 1.38 region.
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