NEW YORK, Dec 8 — The US dollar lost ground in late trading on Thursday, after mixed reports supported economists’ views that the Federal Reserve was likely done raising interest rates this cycle, reported Xinhua.
The dollar index, which measures the greenback against six major peers, decreased 0.59 per cent to 103.5443 in late trading.
Initial claims for the US unemployment benefits rose 1,000 to a seasonally adjusted 220,000 for the week ending Dec. 2, the Labor Department said on Thursday. The data also showed unemployment rolls declining in late November after the so-called continuing claims hit a two-year high in the middle of the month.
“Looking past the noise, initial claims remain at a level that is consistent with relatively low layoffs,” said Nancy Vanden Houten, lead US economist at Oxford Economics. The US bond yields were down after the reports, with the 2-year yield at 4.60 per cent, while both the 5-year and 10-year yields stood at 4.12 per cent.
The eurozone economy unexpectedly stalled in the third quarter of 2023, as the gross domestic product (GDP) in the old continent showed no expansion or growth in the three months to September of this year. In late New York trading, the euro was up to 1.0798 dollars from 1.0769 dollars in the previous session, and the British pound was up to 1.2591 dollars from 1.2560 dollars in the previous session.
The US dollar bought 143.4850 Japanese yen, lower than 147.3640 Japanese yen of the previous session, as the Japanese policymakers hinted the Bank of Japan (BOJ) may shift away from its ultra-low interest rate plan.
In late New York trading, the US dollar was down to 0.8745 Swiss francs from 0.8747 Swiss francs, and it was up to 1.3595 Canadian dollars from 1.3587 Canadian dollars. The US dollar decreased to 10.3816 Swedish kronor from 10.4735 Swedish kronor.
