AGL 8.15 Decreased By ▼ -0.15 (-1.81%)
ANL 11.09 Increased By ▲ 0.14 (1.28%)
AVN 83.70 Increased By ▲ 4.00 (5.02%)
BOP 5.85 Increased By ▲ 0.10 (1.74%)
CNERGY 5.65 Increased By ▲ 0.01 (0.18%)
EFERT 80.22 Increased By ▲ 0.86 (1.08%)
EPCL 67.28 Decreased By ▼ -0.20 (-0.3%)
FCCL 15.20 Increased By ▲ 0.31 (2.08%)
FFL 7.23 Increased By ▲ 0.53 (7.91%)
FLYNG 8.06 Increased By ▲ 0.90 (12.57%)
GGGL 12.00 Increased By ▲ 0.40 (3.45%)
GGL 17.71 Increased By ▲ 0.20 (1.14%)
GTECH 8.78 Increased By ▲ 0.43 (5.15%)
HUMNL 7.23 Increased By ▲ 0.06 (0.84%)
KEL 3.74 Increased By ▲ 0.60 (19.11%)
LOTCHEM 32.10 Decreased By ▼ -3.10 (-8.81%)
MLCF 29.00 Increased By ▲ 0.65 (2.29%)
OGDC 86.05 Decreased By ▼ -1.65 (-1.88%)
PAEL 17.40 Increased By ▲ 0.77 (4.63%)
PIBTL 6.30 Increased By ▲ 0.25 (4.13%)
PRL 19.10 Decreased By ▼ -0.36 (-1.85%)
SILK 1.19 Increased By ▲ 0.05 (4.39%)
TELE 12.25 Increased By ▲ 0.84 (7.36%)
TPL 9.18 Decreased By ▼ -0.02 (-0.22%)
TPLP 20.70 Increased By ▲ 0.45 (2.22%)
TREET 26.95 Decreased By ▼ -0.15 (-0.55%)
TRG 97.75 Increased By ▲ 1.55 (1.61%)
UNITY 23.00 Increased By ▲ 2.15 (10.31%)
WAVES 14.10 Increased By ▲ 0.20 (1.44%)
WTL 1.31 Decreased By ▼ -0.03 (-2.24%)
BR100 4,389 Increased By 113.1 (2.65%)
BR30 16,099 Increased By 305.6 (1.94%)
KSE100 43,677 Increased By 804.8 (1.88%)
KSE30 16,532 Increased By 312.9 (1.93%)

NEW YORK: The dollar was weaker on Thursday following data on the labor market, while the euro remained near a one-month high versus the greenback in the wake of hawkish comments from European Central Bank policymakers.

Weekly initial jobless claims in the US fell last week, and layoffs dropped to their lowest level in more than 24 years, hinting the labor market was continuing its recovery. Rising COVID-19 cases in recent weeks have brought on concerns the economic recovery could stall, keeping the Federal Reserve from pulling back on its massive stimulus.

"It was pretty much about what we have been seeing recently. It was better than expected but it wasn't enough to change anyone's views about what is going on, or the pace of tapering or what Friday's number might be. It was just within the range of estimates," said Marshall Gittler, head of investment research at BDSwiss.

The data comes on the heels of a much weaker than expected ADP National Employment Report on Wednesday and ahead of Friday's key payrolls report for August. Nonfarm payrolls are expected to rise by 750,000, with the unemployment rate anticipated to dip to 5.2% from 5.4%, according to Reuters estimates.

The dollar has been subdued on uncertainty over the path of Fed policy. Fed chair Jerome Powell said last Friday that while tapering of its stimulus could begin this year, the central bank was in no hurry to do so.

"The payrolls would have to be far outside of expectations one way or the other for them to make any changes to their timing," said Gittler.

Other data showed new orders for US-made goods rose in July, while business spending on equipment remained strong, despite supply constraints and spending trends moving away from goods towards services.

The dollar index fell 0.158% at 92.363, after falling as low as 92.333, its lowest level since August 6.

In contrast, data earlier this week showing inflation rose 3% in the euro zone for August has helped push the euro to a one-month high of 1.862, its highest since August 4.

Data in the region on Thursday showed manufacturing data remained strong but supply chain issues sent prices higher.

Recent comments from a host of European Central Bank hawks including Austria's Robert Holzman and Bundesbank boss Jens Weidman also served to move the single currency higher. The euro up 0.15% to $1.1855. The ECB is scheduled to hold a policy meeting on Sept. 9.

Comments

Comments are closed.