Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - Dollar hits 2-week highs against softer yen

Published 10/23/2014, 09:59 AM
Updated 10/23/2014, 09:59 AM
Dollar gains ground against broadly weaker yen

Dollar gains ground against broadly weaker yen

Investing.com - The dollar rose to two week highs against the weaker yen on Thursday after a report showed that U.S. initial jobless claims rose last week, but the underlying trend indicated improving labor market conditions.

USD/JPY was up 0.74% to 107.93, not far from session highs of 108.02, the most since October 10.

The dollar was boosted after the Department of Labor reported that the number of Americans filing for initial jobless benefits in the week ending October 18 increased by 17,000 to a seasonally adjusted 283,000 from an upwardly revised 266,000 in the previous week.

Economists had expected jobless claims to rise by 16,000 to 282,000.

The four-week average fell to 281,000, the lowest since May 2000, while continuing claims, which counts people receiving benefit for at least the second month in a row, also hit a 14-year low, of 2.35 million.

Market sentiment was also boosted as upbeat corporate earnings reports sent Wall Street higher at the open and soothed investor jitters over slowing global economic growth.

Fears that a slowdown in global growth could act as a drag on the U.S. economy have prompted investors to reassess expectations on how soon the Federal Reserve will raise interest rates after its stimulus program winds up later this month.

The yen was also lower against the euro, with EUR/JPY advancing 0.76% to 136.55.

The single currency found support after data earlier Thursday showed that the euro zone saw a marginal uptick in business activity in October.

Research group Markit said its preliminary euro zone manufacturing purchasing managers’ index ticked up to 50.7 this month from a final reading of 50.3 in September. Analysts had expected the index to slide to 49.9.

The region’s services PMI held steady at 52.4, slightly above expectations of 52.0.

Germany’s manufacturing PMI rebounded to 51.8 from 49.9 in September, showing a return to growth.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.