EUR/USD cheers US Dollar slump to march towards 1.0800 despite looming Eurozone recession woes – by anilpanchal7 EURUSD ECB Fed Recession RiskAversion
onomic concerns for the old continent, amid broad US Dollar weakness. That said, the major currency pair seesaws around a two-week high after rising the most since early March the previous day, to 1.0780 amid Friday morning in Asia. dropped the most in nearly two months the previous day after the weekly prints of the US Initial Jobless Claims jumped to the highest levels since October 2021.
On Thursday, US Initial Jobless Claims rose to 261K in the week ended on June 02 versus 235K expected and 233K prior . With this, the four-week average rose to 237.25K from 229.75K previous readings. Further, the Continuing Jobless Claims dropped to 1.757M in the week ended on May 26 from 1.794M prior , compared to 1.8M market forecasts.
It’s worth noting that the International Monetary Fund on Thursday urged the US Federal Reserve and other global central banks to "stay the course" on monetary policy and remain vigilant in combating inflation, per Reuters.
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