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US dollar falls from 3-month high

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The US dollar weakened against several major currencies on Thursday, retreating from a three-month high. Investors continue to consider the minutes of the June meeting of the Federal Reserve System and monitor economic data from the United States and other countries. The results of the June Fed meeting showed that officials were not ready to announce the date of the slowdown in stimulus, given the uncertainty about the economic outlook. A Labor Department report showed that initial jobless claims rose unexpectedly in the week ending July 3. The report said the number of jobless claims rose to 373,000, up 2,000 from the previous week’s revised 371,000. The surge surprised economists, who had expected jobless claims to fall to 350,000 from the 364,000 initially announced the previous week. The US dollar index, which fell to 92.24, regained some of the lost ground, but was still at 92.38, almost 0.3% lower than the previous close. Against the euro, the US dollar weakened to 1.1846, down almost 0.5%. The European Central Bank said Thursday that it will aim for a symmetric inflation target of 2% and allow for temporary overshoot. The target is symmetrical, which means that negative and positive inflation deviations from the target are equally undesirable, the latest statement said. Earlier, the central bank planned that inflation would come close, but would be below 2%. The pound sterling fell against the US dollar to 1.3792, down from 1.3801. Against the yen, the US dollar fell to 109.76 from the previous close at 110.62. Against the Australian dollar, the US dollar strengthened to 0.7430, up from 0.7487. The Swiss franc strengthened to 0.9149 against the US dollar, climbing from 0.9255. Switzerland’s unemployment rate fell slightly in June, data from the State Secretariat for Economic Affairs showed. The unemployment rate fell to a seasonally adjusted 3.1% in June from 3.2% in May. Excluding adjustments, the unemployment rate fell to 2.8% in June from 3.1% in the previous month. Against the Canadian dollar, the US dollar appreciated to 1.2531 from 1.2481. Source: InstaForex

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