Forex – Dollar Jumps to Nearly 2-Week High Shrugging off Weak Economic Data



Investing.com – The dollar rose to a nearly two-week high against a basket of major currencies shrugging off softer economic data as diminishing trade-war fears supported sentiment.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.41% to 90.15.

The U.S. Department of Labor reported Thursday that rose 24,000 to a seasonally adjusted 242,000 for the week ended March 30, missing economists’ forecast for a rise to 225,000.

The trade deficit — which measures the gap between what the United States imports and what it exports — widened to in February from $56.70 billion the prior month. in the month were $204.45 billion, while came to $262.04 billion.

RBC said the rise in jobless claims “should not come as a shock” on the heels of a record low print last week. The bank added that the wider trade deficit, however, should “nudge street GDP estimates a touch lower”.

Also supporting sentiment on the dollar was a fall in investor fears over a U.S.-China trade war after Larry Kudlow, director of the White House National Economic Council, suggested the US was willing to strike a deal with Beijing.

“I think we are going to get a deal over a period of time – yes, I think these barriers will come down on both sides,” Kudlow told reporters on Thursday.

That helped the dollar extend gains against safe-haven yen as rose 0.59% to Y107.41.

, meanwhile, fell 0.33% to $1.2235 as Eurozone and undershot economists’ forecast.

“The EUR/USD has remained under its 50-day moving average of 1.2340 through the week,” Action Economics said. “The next support level seen at 1.2200, where option-backed bids are reported, then at 1.2153, which marks the March 1 low”.

fell 0.58% to $1.3998, pressured by a weaker than expected amid poorer weather in March.

added 0.05% to C$1.2778.

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