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U.S. weekly unemployment data exceeded expectations. The U.S. dollar index fell under pressure on the 9th

2024-05-10

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As the number of Americans filing for unemployment benefits for the first time last week exceeded expectations, the U.S. dollar weakened across the board against a basket of currencies on the 9th. The U.S. dollar index (105.2710, 0.0297, 0.03%), which measures the U.S. dollar against six major currencies, fell 0.3% to close at 105.227 in late foreign exchange trading.

Data released by the U.S. Department of Labor on the morning of the 9th showed that the number of people applying for unemployment benefits for the first time in the United States last week was 231,000, higher than market expectations of 212,000 and the revised 209,000 the previous week.

Karl Schamotta, chief market strategist at Cambridge Global Payments, said U.S. Treasury yields and the dollar instinctively moved lower after higher-than-expected jobless claims data was released.

On the same day, the U.S. 10-year Treasury bond yield fell 2.2 basis points to close at 4.460%.

Shamotta believes that the latest weekly unemployment data has some seasonal distortions, but recent economic data shows that U.S. economic growth is slowing to some extent. If the upcoming U.S. consumer price index, producer price index and retail sales data all show declines, this could puncture the market's trade based on American exceptionalism.

Mary Daly, President of the Federal Reserve Bank of San Francisco, said on the same day that uncertainty about the outlook for U.S. inflation has increased and it will be difficult to predict monetary policy until the Federal Reserve obtains more information.

Information released by the Bank of Japan on the morning of the 9th Japan time showed that members of the Bank of Japan’s decision-making body showed an overwhelmingly hawkish stance at the April interest rate meeting. Many people believed that continued and stable interest rate increases were needed, and the yen was boosted.

As of the end of the New York market, 1 euro (1.0777, -0.0003, -0.03%) was exchanged for 1.0781 U.S. dollars, higher than the previous trading day's 1.0745 U.S. dollars; 1 pound (1.2518, -0.0003, -0.02%) was exchanged for 1.2524 U.S. dollars, higher than the previous day. $1.2495 in one trading day.

1 U.S. dollar was exchanged for 155.45 Japanese yen, which was lower than 155.61 yen on the previous trading day; 1 U.S. dollar was exchanged for 0.9059 Swiss francs, which was lower than 0.9081 Swiss francs on the previous trading day; 1 U.S. dollar was exchanged for 1.3677 Canadian dollars, which was lower than the previous trading day 1.3731 Canadian dollars; 1 U.S. dollar exchanged for 10.8505 Swedish krona, down from 10.9066 Swedish kronor in the previous trading day.

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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U.S. weekly unemployment data exceeded expectations. The U.S. dollar index fell under pressure on the 9th

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