Dollar Turns In Mixed Performance Against Major Counterparts
RTTNews · 08 Jul 2022 84 Views

The U.S. dollar turned in a somewhat sluggish performance on Thursday with traders continuing to digest the Fed minutes released on Wednesday, and reacting to the latest batch of economic data from the U.S. and Europe.

The markets also looked ahead to the crucial U.S. non-farm payroll data for the month of June, due on Friday.

On the economic front, data released by the Commerce Department shows U.S. trade deficit narrowed to $85.5 billion in May of 2022, from $87.1 billion a month earlier.

Exports were up 1.2 percent or $3.0 billion in May from a month earlier, to $255.9 billion, while imports increased to $341.4 billion in May from $339.5 billion in April.

Data from the Labor Department showed initial jobless claims rose to 235,000 in the week ended July 2nd. On a non-seasonally adjusted basis, initial claims rose by 11,919 from the previous week to 219,507.

The dollar index, which dropped to 106.71 in the European session, climbed to 107.24 around early afternoon before paring gains and dropping to 107.10, its previous closing level.

Against the Euro, the dollar firmed to $1.0161 from $1.0184.

The Pound Sterling gained against most major currencies after British Prime Minister Brian Johnson announced his resignation. The dollar is trading at $1.2022 against Sterling, weakening from $1.1926.

The dollar is up slightly against the Japanese currency, fetching 136 yen a unit, up from 135.93 yen on Wednesday.

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