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Forex Traiding

US dollar fell against major competitors

DATE OF PUBLICATION: 2021-01-15 04:55:00 After small losses in the Asian session, the US dollar rebounded sharply on Thursday morning, but began to fall again after Fed Chairman Jerome Powell said the bank would not raise interest rates anytime soon Rising Treasury yields amid hopes for a large stimulus package from the Joe Biden administration helped the U.S. dollar rally earlier in the day. The new U.S. stimulus package is expected to include $ 2,000 in stimulus checks, government and local government and other emergency spending measures. CNN reported that Biden is pondering a massive stimulus spending package worth about $ 2 trillion. According to a Labor Department report released on Thursday, initial jobless claims in the United States rose much more-than-expected in the week ending January 9. The report said that initial jobless claims rose to 965,000, up 181,000 from the previous week’s revised level of 784,000. Economists had expected the number of jobless claims to rise to 795,000 from the 787,000 originally reported for previous week. A separate report released by the Department of Labor on Thursday showed U.S. import and export prices rose more-than-expected in December. The U.S. dollar index, which climbed to 90.58, fell to a low of 90.08 about an hour after noon. It last hovered around 90.20, 0.17% lower than the previous close. Against the euro, the US dollar traded flat at $ 1.2160, after consolidating around $ 1.2112 earlier in the day. The euro fell against its major counterparts in the European session after the minutes of the European Central Bank meeting in December showed policymakers expressed concern about the recent appreciation of the national currency, which could have a negative impact on the inflation forecast. The pound sterling is up almost 0.4 % against the US dollar to 1.3689. The yen slightly increased to 103.79. Major machine tool orders in Japan rose 1.5% month-on-month in November to Y854.8 billion, the Japanese government said Thursday. That beat forecasts of a 6.2% decline after gaining 17.1% in October. Against the Australian dollar, the greenback fell to $ 0.7783, down about 0.65% from Wednesday’s close of $ 0.7733. did not change. It traded at 0.8878, while the Canadian dollar rose nearly 0.5% to $ 1.2640 on higher crude oil prices. Source – InstaForex

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