US jobless claims come in worse than expected pressuring the greenback

The dollar fell to 7-day lows after jobless claims came in worse than expected. The markets are on edge ahead of a meeting between OPEC and non-OPEC oil producers set to begin this morning. Markets will watch for an agreement between Russia, Saudi Arabia and US to cut output amid a drop in demand.
  • FX Rates
    April 9, 2020

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  • USD
    The dollar turned softer this morning after jobless claims were worse than expected with 6.6 million new claims versus an expected 5.2 million. The Fed announced a new plan to provide $2.3 trillion in additional aid.
    GBP
    UK data showed GBP grew by just 0.1% in the three months previous to February – prior to the coronavirus impact hit the economy. The pound shook off this negative data and moved higher against the greenback following disappointing jobs data.
    EUR

    The euro is trading within a tight range, but edged higher versus the dollar on the US jobless claims data.

    CAD

    The loonie joins the dollar as the worst performing currency of the day, as traders await the outcome of the OPEC+ meeting. Canadian jobs data also showed worse than expected with the economy losing 1 million jobs versus 500k expected, adding additional pressure on the currency.

    ASIA/PACIFIC

    BoJ governor Haruhiko Kuroda commented on the devastating impact the virus has had on Japan's economy. The third largest economy is expected to make a projection that their economy will contract in 2020. The yen remains flat against the dollar.

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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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