Greenback Falls on Weaker Weekly Jobless Claims Data

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Geneva, Switzerland -- (SBWIRE) -- 01/24/2014 -- The greenback traded lower against all major currencies on Thursday after Jobless Claims released by the US Department of Labor showed more unemployed individuals are receiving unemployment benefits. The number cast doubts on whether the Fed will soon trim another USD5 billion of its monthly bond-buying stimulus program, bringing it down to USD65 billion a month. During early Asian session, the USD was down against GBP, EUR, JPY, CHF, AUD, NZD and CAD.

The number of individuals filing for first-time unemployment assistance in the US last week rose to 326k, up from the previous week’s total of 325k and in line with expectations. The number of people filing continuing unemployment claims rose to 3.056 million up from 3.022 million in the second week of January. Consensus had expected continuing claims to fall to 2.930 million. Markit Economics reported that US factory output fell to a 3-month low in January, mainly due to polar vortex effects that lowers commerce activities. The poorer numbers reminded investors that the Fed will delay its decision to further reduce its USD75 billion bond-buying program.

Markit PMI composite index for Eurozone rose to a 31-month high of 53.2 in January, up from December reading of 52.1. The report boosted the Euro prompting the ECB to let the economy recover on its own and leaves the monetary policy unchanged instead of easing it further.

Later today, Canada is due to release its CPI data.

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