US Dollar consolidates gains before U.S. jobless data’s release

In a recent article published by Reuters UK, The dollar consolidated its gains against other currencies on Thursday before the release of weekly U.S. jobless data likely to provide more evidence of the world’s biggest economy hurtling into a deep recession.

The dollar edged up 0.1% to 99.774 against a basket of major currencies, after snapping a four-day losing streak the previous day as equity market gains hit a wall.

Economists forecast U.S. weekly jobless claims of 5.1 million, lifting total filings during the crisis above 20 million.

“In the short term, the dollar is expected to remain firm because of its safe-haven status and as the global economic situation remains uncertain,” said Andrew Wilson, chairman of global fixed income, Goldman Sachs Asset Management.

Source: Xrates

The euro resumed its drop versus the dollar, down a third of a percent at $1.08775 EUR=EBS as a half-trillion-euro compromise deal struck between eurozone governments last week to support countries through the coronavirus outbreak is widely seen as insufficient, especially for debt-laden Italy. For the latest data, visit the Exchange rates currency website.

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