The U.S. dollar gained strength against the euro today, with the pair declining to approximately 1.0865. This movement came in response to a combination of economic data releases and Federal Reserve signals.
Today’s data showed U.S. jobless claims unexpectedly fell for the week ending November 18th, with only 209,000 initial claims reported, defying analysts’ expectations of 225,000. The robust jobless claims data suggests that the U.S. labor market remains resilient despite broader economic uncertainties.
In contrast, October’s Durable Goods Orders experienced a significant decline, dropping by 5.4% which exceeded forecasts and reversed the previous month’s gain of 4.6%. Despite this decrease indicating potential softness in investment, the dollar’s advance was evident in the DXY index, which rose to around 104.10.
Adding to the dollar’s momentum were the minutes from the Federal Reserve’s Federal Open Market Committee (FOMC), which highlighted ongoing concerns about persistent inflation. The minutes suggested that the Fed might continue to pursue aggressive monetary policies to combat inflationary pressures.
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