US Jobless Claims Drop
by Trader Rich
US dollar index lower on better news
US dollar index is lower today, dropping as forex traders look for higher yields instead of safety. Greenback is not being used as a safe haven, since forex traders are interested in the high beta currencies.
US jobless claims dropped by 15,000, and lower unemployment persists. This is good news for the US economy, since it means that fewer people are losing their jobs. The good news has investors favoring currencies besides the US dollar.
Additionally, higher gold prices are exerting downward pressure on the greenback, sending it lower on the currency market. The good news is likely to keep the US dollar lower for quite some time.
See Also
- Economic News and the US Dollar
Greenback on the currency market
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