The dollar is weakening against a basket of currencies today. This was helped by statistics showing that the number of new jobless claims in the US rose more than expected. Investors are waiting for the US inflation report, which will be released by the US Labor Department next Tuesday.
The dollar index shows a decline
The dollar index, which measures the value of the dollar against a basket of six major world currencies, showed a decline of 0.8 percent to 103.31 points at around 19:10 CET. The euro rose 0.8 percent to $1.0781 against the dollar at the same time.
U.S. jobless claims rose by 28,000 to 261,000 last week, the Labor Department said. Economists polled by Reuters had estimated the number would climb to 235,000.
Euro strengthens
The euro strengthened despite a report by the European statistics office Eurostat that the eurozone economy slipped into recession in the first quarter. Gross Domestic Product (GDP) contracted by 0.1 percent compared to the previous quarter, the same rate as in the previous quarter.
The Fed meets on June 13 and 14. Economists polled by Reuters do not expect the central bank to raise interest rates this time. But a significant minority estimate that the bank will come up with at least one more increase this year.
Source Czech Press Office
