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U.S. dollar rises amid sturdy job information

NEW YORK, Sept. 7 (Xinhua) — The U.S. dollar elevated in late buying and selling on Thursday, as U.S. jobless claims outperformed the expectation, fueling a Fed fee hike hypothesis.

The dollar index, which measures the dollar in opposition to six main friends, rose 0.19 % to 105.0588 in late buying and selling.

U.S. preliminary jobless profit claims fell by 13,000 to 216,000 within the week ending Sept. 2, hitting the bottom degree since mid-February, the U.S. Bureau of Labor Statistics (BLS) mentioned Thursday. The claims have fallen for 4 weeks in a row.

The unemployment report for August launched final week indicated sturdy hiring with gradual softening in labor, mentioned Michael Feroli, chief U.S. economist at JP Morgan Chase. “There is still no sign that companies are laying off workers.”

The nonfarm enterprise sector labor productiveness elevated 3.5 % within the second quarter of 2023, the BLS additionally reported Thursday. Output elevated 1.9 % and hours labored decreased 1.5 % within the second quarter of 2023.

“With oil prices on the rise and consumption remaining strong, investors are bracing for a slower disinflation process and a more gradual pivot toward rate cuts from the Federal Reserve,” mentioned Karl Schamotta, chief market strategist at Corpay.

Earlier within the European session, Eurostat revealed that the bloc’s gross home product (GDP) for the second quarter grew by simply 0.1 %, decrease than the 0.3 % anticipated by the markets.

In late New York buying and selling, the euro was right down to 1.0695 U.S. {dollars} from 1.0725 {dollars} within the earlier session, and the British pound fell to 1.2470 U.S. {dollars} from 1.2505 {dollars} within the earlier session.

The U.S. dollar purchased 147.1700 Japanese yen, decrease than 147.6910 Japanese yen of the earlier session. The U.S. dollar was as much as 0.8928 Swiss francs from 0.8915 Swiss francs, and it rose to 1.3682 Canadian {dollars} from 1.3653 Canadian {dollars}. The U.S. dollar rose to 11.1429 Swedish krona from 11.1229 Swedish krona.