Dollar Loses Ground Against Major Rivals

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(RTTNews) - The U.S. dollar lost ground against its major counterparts on Thursday as risk appetite increased on hopes the Federal Reserve is down with its rate hiking cycle.

Fed Chair Jerome Powell acknowledged on Wednesday that financial conditions faced by businesses and households had tightened substantially in recent months - raising hopes that the U.S. central bank may now be finished with the most aggressive tightening cycle in four decades.

The latest data too added to the optimism about rates. The Labor Department's report showed initial jobless claims in the U.S. crept up to 217,000 in the week ended October 28th, an increase of 5,000 from the previous week's revised level of 212,000.

A separate report from the Labor Department also showed an unexpected decrease in unit labor costs in the third quarter.

The Labor Department said unit labor costs fell by 0.8% in the third quarter after shooting up by a revised 3.2% in the second quarter.

Unit labor costs were expected to climb by 0.7% compared to the 2.2% increase that had been reported for the previous quarter.

Markets now await the Labor Department's data on employment in the month of October. Economists currently expected employment to increase by 180,000 jobs in October after surging by 336,000 jobs in September. The unemployment rate is expected to remain at 3.8%.

The dollar index, which dropped to 105.81 earlier in the session, is currently at 106.17, down 0.67% from the previous close.

Against the Euro, the dollar is weak at 1.0619, easing from 1.057-. Against the Japanese currency, the dollar is trading at 150.51 yen, down from 150.96 yen.

The dollar is down at 1.2203 against Pound Sterling after the Bank of England kept rates on hold but signaled it is too early to think about rate cuts.

Against the Aussie, the dollar is weak at 0.6428, after having settled at 0.6393 on Wednesday.

The Swiss franc is up at 0.9063 a dollar, while the Loonie is stronger at C$1.3746 a dollar, firming from C$1.3858 a dollar, as oil prices rose sharply.

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

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Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

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U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

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German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1

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