Currency update

Category:-Metal | 26-May-2023 08:04 AM

The dollar rose for a fourth straight session on Thursday against a basket of major peers to hit a fresh two-month high, as U.S. economic data signaled resilience even after the Federal Reserve’s aggressive rate hike cycle.
Weekly initial jobless claims rose by 4,000 last week to 229,000, below the Reuters estimate of 225,000 while data from the prior week was revised sharply lower, indicating the labor market remains strong. In addition, the second estimate of first-quarter Gross Domestic Product growth confirmed the economy slowed but the 1.3% increase was revised up from the initial 1.1% reading.
In contrast the German economy, Europe’s largest, was in recession in the first quarter as GDP fell 0.3%, sending the euro lower. The dollar hit a two-month peak, lifted also by safe-haven demand as worries mounted about a U.S. default.

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