Dollar Stays Firm Against Major Rivals On Strong Data

RTTNews | 743 days ago
Dollar Stays Firm Against Major Rivals On Strong Data

(RTTNews) - The U.S. dollar climbed higher on Thursday, extending gains from the previous session, as strong economic data and comments from Federal Reserve Chair Jerome Powell raised rate hike prospects.

Data from the Labor Department showed initial jobless claims fell to 239,000 in the week ended 24th, a decrease of 26,000 from the previous week's revised level of 265,000. Economists had expected jobless claims to rise to 270,000 from the 264,000 originally reported for the previous week.

A separate report released by the Commerce Department showed the U.S. economy grew by much more than previously estimated in the first quarter of 2023.

The Commerce Department said gross domestic product jumped by 2% in the first quarter compared to the previously estimated 1.3% increase. Economists had expected the pace of GDP growth to be unrevised.

Federal Reserve Chair Jerome Powell said on Thursday that the US central bank would deliver more interest rates hikes by the end of the year in its prolonged fight against high inflation.

"Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go," Powell said in a speech at the Banco de Espana conference on financial stability in Madrid, Spain.

Powell had said at the ECB forum in Sintra, Portugal on Wednesday that there was "more restriction coming" and successive rate rises were not off the table.

The dollar index, which weakened to 102.78 in the European session, rallied after the release of jobless claims and GDP data, rising to 103.44. The index was last seen at 103.35, gaining nearly 0.5%.

Against the Euro, the dollar firmed to 1.0873 from 1.0914, and strengthened to 1.2615 against Pound Sterling, edging up from 1.2636.

Against the Japanese currency, the dollar is strong, fetching 144.82 yen a unit, nearly 0.25% more than the previous close of 144.49 yen.

The dollar is weak against the Aussie at 0.6617. The Swiss franc is weak at CHF 0.8996 against the dollar, while the Loonie is up slightly at C$ 1.3254 a dollar.

read more
Swiss Market Ends Sharply Lower

Swiss Market Ends Sharply Lower

The Switzerland market closed weak on Friday, tracking weak global cues after U.S. President Donald Trump's latest tariff moves raised fears of a global trade war.
RTTNews | 12h 45min ago
European Stocks Close Weak As Trade War Fears Hurt Sentiment

European Stocks Close Weak As Trade War Fears Hurt Sentiment

European stocks closed lower on Friday as trade war fears resurfaced after U.S. President Donald Trump announced a 35% tariff on Canadian goods, effective August 1, 2025, and warned of a blanket tariff of 15-20% on most trading partners.
RTTNews | 13h 2min ago
Canadian Market Remains Weak On Tariff Concerns

Canadian Market Remains Weak On Tariff Concerns

After a weak start and a subsequent drop to lower levels, the Canadian market continues to languish in negative territory a little past noon on Friday. The mood is cautious amid escalating trade war fears following U.S. President Donald Trump announced a 35% tariff on all non-USMCA Canadian imports, effective August 1.
RTTNews | 13h 41min ago
Bay Street Likely To Open Lower

Bay Street Likely To Open Lower

Canadian shares look headed for a weak start on Friday due to trade war concerns, although fairly firm crude oil and bullion prices may help limit the market's downside. Data showing an increase in Canadian employment in the month of June and a drop in the unemployment rate may also aid sentiment a bit.
RTTNews | 17h 24min ago
Pound Falls As U.K. Economy Contracts For Second Straight Month

Pound Falls As U.K. Economy Contracts For Second Straight Month

The British pound weakened against other major currencies in the European session on Friday, as the UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
RTTNews | 17h 32min ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 17h 54min ago