The US Dollar has softened against the Pound and many of its most traded peers following the release of jobless claims data which showed a rise in the number of Americans claiming benefits. Despite the increase the number of claims is holding near to a five-year low which economists are saying could indicate improvement in the labour market.
According to the Washington based Labour Department the number of initial jobless claims climbed by 5,000 to a seasonally adjusted figure of 333,000 in the week ending on the 3rd of August. Economists had been expecting claims to rise to 339,000.
The data also showed some positive results with the four-week average falling by 6,250 to 335,500, the lowest level recorded since November 2007.
The number of firings is likely to settle now that the commonly seen swings in July have come to an end. The jobs data for July is often mixed due to the closure of many factories as they retool during the month.
“We’ll continue to see improvement,” said Ryan Sweet, a senior economist at Moody’s; “It’s more important to put the emphasis on the trend in claims, which remains favourable.”
The US Dollar declined due to investors opting for riskier higher yielding assets as improved trade data out of Germany and China added to sign that the global economy is showing signs of a recovery.
Current US Dollar (USD) Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6446
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7487
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.1044
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 96.2928
The US Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0411
(Correct as of 15:00 pm GMT)
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