The dollar closed higher today, despite the fact that The latest batch of economic data has reinforced speculation that the Federal Reserve may cut rates this year..
The currency closed on Thursday at an average of $4,157.80, settling at $24.19 above that of the Representative Market Rate, which for today was $4,133.61. Today, the currency reached a high of $4,183 and a low of $4,122.1. There were 2,938 transactions for an amount of US$1.558 billion.
According to Bloomberg, US continuing unemployment claims rose to highest level since late 2021, a warning sign suggesting that the unemployed are taking longer to find a job.
Commercial equipment orders placed with factories unexpectedly fell in Mayindicating that companies remain cautious about investment amid higher long-term borrowing costs and weaker demand.
“More specifically, We expect these themes to continue to benefit from an environment in which growth is slowingbut the Federal Reserve is expected to start a deep cycle of cuts,” Chris Senyek of Wolfe Research told Bloomberg.
“Besides, Our feeling is that the larger companies driving these trends will once again achieve very strong results.“during the second-quarter earnings season,” Senyek added.
Crude oil prices rose on Thursday as Supply disruption risks arising from rising geopolitical tensions in the Middle EastThey helped offset fears about demand after the unexpected increase in US reserves.
Concern about the possibility that war between Israel and Hamas in Gaza from spreading to Lebanon limited the fall in prices.
“If it weren’t for the steady and progressive increase in geopolitical risk in the Middle East, oil prices could have had a much more negative day.“said John Evans, analyst at PVM Oil.
