Dollar Recovers After Positive Inflation Data, Weekly Jobless Claims
11 Luglio 2019 - 11:51AM
RTTF2
The U.S. dollar recouped its early losses against its major
counterparts in the European session on Thursday, as data showed
that the nation's consumer inflation unexpectedly rose in June and
weekly jobless claims unexpectedly fell in the week ended July
6.
Data from the Labor Department said its consumer price index
inched up by 0.1 percent in June, matching the slight increase seen
in May. Economists had expected consumer prices to come in
unchanged.
Excluding food and energy prices, core consumer prices rose by
0.3 percent in June after inching up by 0.1 percent for four
consecutive months. Core prices had been expected to edge up by 0.2
percent.
Separate data showed that first-time claims for U.S.
unemployment benefits unexpectedly fell in the week ended July
6.
The report said initial jobless claims dropped to 209,000, a
decrease of 13,000 from the previous week's revised level of
222,000. Economists had expected jobless claims to inch up to
223,000.
Federal Reserve Chairman Jerome Powell is scheduled to testify
before the Senate Banking Committee shortly.
The currency was trading lower prior to data, extending its
previous session's decline, following dovish remarks from Federal
Reserve Chairman Jerome Powell, who kept the option for a rate cut
on the table amid concerns about the U.S. economy.
The June FOMC minutes also showed increasing support for
lowering rates amid increased economic uncertainties and muted
inflation pressures.
The greenback bounced off to 108.33 against the yen, from a
6-day low of 107.86 it touched at 11:15 pm ET. The next possible
resistance for the greenback is seen around the 111.00 mark.
Data from the Ministry of Economy, Trade and Industry showed
that Japan's tertiary activity declined in May after rebounding in
the previous month.
The tertiary activity index fell 0.2 percent month-on-month in
May, reversing a 0.8 percent rise in April. Economists had expected
a 0.1 fall.
After falling to a 6-day low of 0.9845 at 8:15 am ET, the
greenback rose back to 0.9878 versus the franc upon these data. If
the greenback rises further, 1.00 is seen as its next resistance
level.
The greenback was trading higher at 1.1257 against the euro, up
from a 6-day low of 1.1286 set at 8:00 am ET. On the upside, 1.10
is likely seen as the next resistance for the greenback.
Final data from Destatis showed that Germany's consumer price
inflation accelerated as initially estimated in June.
Consumer prices advanced 1.6 percent year-on-year in June,
faster than the 1.4 percent increase in May.
The greenback recovered to 0.6666 against the kiwi, 0.6970
against the aussie and 1.3070 against the loonie, from its early
6-day low of 0.6689, 3-day low of 0.6988 and a weekly low of
1.3042, respectively. The currency is likely to challenge
resistance around 0.645 against the kiwi, 0.675 against the aussie
and 1.32 against the loonie.
In contrast, the greenback was steady against the pound, after
having dropped to a 6-day low of 1.2571 at 7:00 am ET. The pair was
worth 1.2499 at yesterday's close.
Data from the Royal Institution of Chartered Surveyors showed
that UK house price balance improved unexpectedly in June as buyers
for property increased for the first time since late 2006.
The house price balance rose to -1 percent in June from -9
percent in the previous month. The score was forecast to fall to
-12 percent.
The U.S. monthly budget statement for June is due in the New
York session.
Federal Reserve Chairman Jerome Powell will testify on the
Semiannual Monetary Policy Report before the Senate Banking
Committee in Washington DC at 10:00 am ET.
At 1:30 pm ET, Federal Reserve Governor Randal Quarles will
deliver a speech about financial regulation and monetary policy at
an event hosted by the Bipartisan Policy Center in Washington
DC.
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