09:24 AM
The dollar opened higher this Thursdayeven though the latest batch of economic data reinforced speculation that the Federal Reserve may cut rates this year.
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The currency opened on Thursday at an average of $4,150, placing $16.39 above the Representative Market Rate, which for today was $4,133.61. The currency hit a high of $4,150 and lows of $4,140. 3 movements have been made for an amount of US$750 million.
According to Bloomberg, recurring claims for unemployment benefits in the United States rose to the highest level since the end of 2021, a warning sign suggesting that the unemployed are taking longer to find a job.
The Commercial equipment orders placed to factories unexpectedly decreased in May, indicating that companies remain cautious about investment amid higher long-term borrowing costs and weaker demand.
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“More specifically, we expect these themes to continue to benefit from an environment where growth is slowing, but the Federal Reserve is expected to begin a deep cycle of cuts,” Chris Senyek of Wolfe Research told Bloomberg.
“Furthermore, our feeling is that The largest companies driving these trends will again achieve very strong results during the second quarter earnings season,” Senyek added.
Oil prices
Crude oil prices rose on Thursday as supply disruption risks from rising geopolitical tensions in the Middle East helped offset demand fears following an unexpected rise in US stockpiles.
Concerns that the war between Israel and Hamas in Gaza could spill over into Lebanon limited the fall in prices.
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