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Euro Hovers At 2-Year High, US Dollar Hit By Higher Jobless Claims

Published 10/24/2013, 09:27 AM
Updated 04/25/2018, 04:40 AM

The euro hovers at a two-year high against the dollar, recovering from a brief dip following eurozone PMI business sentiment data for October which missed forecasts.

EUR/USD flirted with the $1.3800 level, peaking at $1.3825, which is the highest since November 2011.

The euro remains bullish in the short term on the back of a weaker US dollar. The greenback was knocked down after disappointing US jobless claims data, which showed more Americans filed for unemployment benefits in the prior week.

USD/JPY has been mostly range-bound today, but has fallen over 1 percent since the Tuesday high of 98.47.

The dollar fell to 97.22 against the yen, a level tested a few times today. A further decline is prevented due to the relatively risk-on appetite in markets today on the back of stronger-than-forecast China PMI data.

The British pound slipped briefly after softer than expected CBI data on UK Industrial Order Expectations. GBP/USD touched a session low of $1.6136 before bouncing again after the US jobless claims data hurt dollar.

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