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US employment data is better than expected, and the US dollar index rose slightly on the 8th

2024-08-09

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As the number of first-time unemployment claims in the United States last week was better than expected, the US dollar strengthened against the euro, yen, Swiss franc and Swedish krona on the 8th, and weakened against the Canadian dollar and the pound. The US dollar index fell in the overnight market, turned from a decline to an increase in the morning of the same day, and then narrowed its gains. The US dollar index rose slightly at the end of the trading day.

The US dollar index, which measures the US dollar against six major currencies, rose 0.01% on the day and closed at 103.209 at the end of the foreign exchange market.

The data released by the US Department of Labor in the morning of the same day showed that the number of first-time unemployment claims in the United States last week was 233,000, lower than the market expectation of 240,000 and the 250,000 revised upward in the previous week.

Stimulated by this data, the US dollar index quickly strengthened and turned from a decline to an increase, but then the increase gradually narrowed. As a result, the US 10-year Treasury yield quickly rose and turned from a decline to an increase, breaking through 4% several times during the session.

Marc Chandler, chief market strategist at Bannockburn Global Forex, said that what people are saying about an impending recession looks outrageous. As the market recovers from the brink of a plunge, U.S. interest rates have strengthened, which will provide some more support for the dollar against the yen.

David Scutt, senior analyst at foreign exchange broker Gain Capital, said that in recent days, the dollar-yen exchange rate tends to move closer to 146.50, with an upward target of 148, and may face a severe test at 148.80. The dollar-yen exchange rate bottomed out at 143.60 on the 6th, which is worth noting, and the 141.70 reached on the 5th is a more important point.

As of the close of the New York foreign exchange market, 1 euro was exchanged for 1.0918 U.S. dollars, lower than the previous trading day's 1.0922 U.S. dollars; 1 pound was exchanged for 1.2751 U.S. dollars, higher than the previous trading day's 1.2685 U.S. dollars.

1 USD is exchanged for 147.22 JPY, higher than 146.88 JPY on the previous trading day; 1 USD is exchanged for 0.8659 CHF, higher than 0.8618 CHF on the previous trading day; 1 USD is exchanged for 1.3732 CAD, lower than 1.3746 CAD on the previous trading day; 1 USD is exchanged for 10.5157 SEK, higher than 10.4815 SEK on 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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US employment data is better than expected, and the US dollar index rose slightly on the 8th

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