Dollar Turns Weak Against Major Counterparts

RTTNews | 955 days ago
Dollar Turns Weak Against Major Counterparts

(RTTNews) - The U.S. dollar was largely subdued against its major counterparts on Thursday although bond yields climbed higher amid expectations the Fed will continue with its aggressive interest rate hikes.

Dollar was probably weighed by reports the Chinese government is likely to relax some quarantine restrictions, moving away somewhat from its zero-Covid policy.

In U.S. economic news today, a report from the Labor Department showed initial jobless claims slipped to 214,000 in the week ended October 15th, a decrease of 12,000 from the previous week's revised level of 226,000. Economists had expected jobless claims to inch up to 230,000 from the 228,000 originally reported for the previous week.

The Federal Reserve Bank of Philadelphia released a report showing a continued contraction in regional manufacturing activity in the month of October. The Philly Fed said its diffusion index for current activity inched up to a negative 8.7 in October from a negative 9.9 in September, but a negative reading still indicates a contraction. Economists had expected the index to climb to a negative 5.0.

A report from the Conference Board showed its leading economic index fell by 0.4% in September after revised data showed the index was unchanged in August. Economists had expected the leading economic index to dip by 0.3%, matching the drop originally reported for the previous month.

The dollar index dropped to a low of 112.17 before noon but rallied to 113 later on in the session. It was last seen at 112.88, down nearly 0.1% from the previous close.

Against the Euro, the dollar is down marginally at 0.9784. The dollar is slightly weak against Pound Sterling at 1.1228.

Against the Japanese currency, the dollar firmed to 150.28 yen before easing slightly to 150.17, still staying above the previous close, gaining 0.17%.

Against the Aussie, the dollar is at 0.6279. Swiss franc is up marginally at CHR 1.0041 against the dollar.

Against the Loonie, the dollar is flat at C$1.3764, easing from C$1.3652.

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