Dollar edges down against yen after signs of labour market weakness | World News

dollar currency

The US economy gained 254,000 jobs in September.


The US dollar edged lower against the yen on Thursday after data showed signs of labor market weakness and a higher-than-expected rise in US inflation in September even though prices were on a downward trend, allowing the Federal Reserve to keep cutting interest rates.


Labor Department data on Thursday showed that the consumer price index increased 0.2 per cent in September. In the 12 months through September the CPI climbed 2.4 per cent, which was the smallest year-on-year rise since February 2021.

 

Click here to connect with us on WhatsApp


Economists polled by Reuters had forecast the CPI edging up 0.1 per cent and rising 2.3 per cent year-on-year.

 


Other data from the Labor Department also showed that the number of Americans seeking unemployment benefits surged last week, driven partly by Hurricane Helene and furloughs at Boeing.


Initial claims for state unemployment benefits increased to 258,000 last week, compared with a Reuters analyst estimate of 230,000 claims.


The greenback was down 0.39 per cent at 148.71 yen after rising to as high as 149.58 yen for the first time since Aug. 2 . The euro dropped to its lowest since Aug. 9 against the dollar and was down 0.17 per cent on the day at $1.092.


The dollar index, which measures the currency against six key rivals including the yen and euro, was up slightly by 0.1 per cent to 102.97 in choppy trading after hitting its highest since August 15.


“The claims number dominated the story and that’s driven bond yields lower because it’s reminded the market that the Fed actually has some concerns about the employment story,” said John Velis, FX and macro strategist at BNY in Boston.


Traders are betting a nearly 90 per cent chance on the Fed cutting rates by 25 basis points at its next policy decision on Nov. 7, and a 9 per cent probability of no change, the CME Group’s FedWatch Tool showed. The yield on benchmark US 10-year notes rose 3.3 basis points to 4.1 per cent.


“We had such a good September job print that this kind of swings back in the other direction and has taken out some of that restrictive Fed pricing, or let me say it’s put in some more expectations of a rate cut for the November 7th meeting,” Velis added.


The US economy gained 254,000 jobs in September and the unemployment rate fell to 4.1 per cent, Labor Department data had showed on Friday.


The risk-sensitive Australian dollar was up 0.05 per cent to $0.6722. It earlier rose more than 0.3 per cent on the back of an equity rally in top trading partner China as the East Asian nation’s central bank launched a swap programme aimed at supporting the stock market.


China’s finance ministry is due to hold a highly anticipated news conference on fiscal policy on Saturday. The dollar > was flat to 7.093 versus the offshore Chinese yuan.


In cryptocurrencies, bitcoin gained 0.28 per cent to $60,541.29. Ethereum rose 1 per cent to $2,377.29.


Currency bid prices at 10 October​ 02:51 p.m. GMT


Description RIC Last US Close Previous Session Pct Change YTD Pct High Bid Low Bid


Dollar index 102.98 102.88 0.11 per cent 1.59 per cent 103.06 102.71


Euro/Dollar 1.0921 1.094 -0.16 per cent -1.05 per cent $1.0955 $1.0909


Dollar/Yen 148.76 149.28 -0.26 per cent 5.56 per cent 149.49 148.4


Euro/Yen 1.0921​ 163.31 -0.51 per cent 4.4 per cent 163.6 162.24


Dollar/Swiss 0.858 0.8609 -0.29 per cent 2 per cent 0.8615 0.8559


Sterling/Dollar 1.3049 1.3075 -0.19 per cent 2.55 per cent $1.3094 $1.3011​


Dollar/Canadian 1.3761 1.3711 0.38 per cent 3.82 per cent 1.3768 1.3702


Aussie/Dollar 0.6721 0.6719 0.07 per cent -1.39 per cent $0.6743 $0.6702


Euro/Swiss 0.9371 0.9416 -0.49 per cent 0.9 per cent 0.9419 0.9366


Euro/Sterling 0.8367 0.8367 NOT AVAILABLE per cent -3.47 per cent 0.8385 0.8355


NZ Dollar/Dollar 0.6075 0.6063 0.21 per cent -3.85 per cent $0.6097 0.605


Dollar/Norway 10.757​ 10.7767 -0.18 per cent 6.14 per cent 10.7954 10.7348


Euro/Norway 11.7492 11.79 -0.35 per cent 4.68 per cent 11.8034 11.7375


Dollar/Sweden 10.4043 10.3946 0.09 per cent 3.35 per cent 10.4137 10.3697


Euro/Sweden 11.3637 11.3738 -0.09 per cent 2.14 per cent 11.3825 11.3524


 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 10 2024 | 9:38 PM IST

Source link

Visited 1 times, 1 visit(s) today

Related Article

'Why I spent my university fees on the Big Tribal Game'

‘Why I spent my university fees on the Big Tribal Game’

BBC Scrolling through Zara’s transactions shows she has spent thousands of dollars on TikTok. Zara, not her real name, is in her 20s, lives in the US and has Somali roots. She became obsessed with the platform’s live battle feature – which sees two influencers verbally spar and sometimes mock each other as they solicit

Israel strikes Lebanese city of Baalbek after ordering evacuation

Israel strikes Lebanese city of Baalbek after ordering evacuation

AFP A huge column of black smoke rose into the air following one of the strikes in the Baalbek area Israeli strikes have killed 19 people, including eight women, around Lebanon’s eastern city of Baalbek, the country’s health ministry has said. It came hours after tens of thousands of residents fled in response to evacuation

Bull

Strike on Iran Shows Israeli Air Force’s Embrace of Ballistic Missiles

Israel’s weapon of choice in its attack on Iran was the air-launched ballistic missile. These allowed Israel to strike Iran rapidly and with minimum risk to its own aircraft. Air-launched missiles have many advantages over ground-fired ones. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download

Standard product shot of the new iMac

Everything Apple announced during its unofficial Mac Week

Following the illustrious line of calendar-spanning corporate events like Lobsterfest and Shark Week, Apple tried something new this year with a celebration unofficially known as Mac Week. (Fortunately for Apple, it just so happens to coincide with its earnings call on Thursday!) The company’s three-day product rollout for desktop hardware centered around the M4 chip,

iPhone battery health iOS 18 new feature

Your iPhone Quietly Got a New Feature to Extend Its Battery Life

Do you leave your iPhone charging for long periods throughout the day? Adjust this setting. iPhone battery health iOS 18 new feature When Apple rolled out iOS 18 earlier this fall, your current iPhone gained quite a few standout features — a vastly more customizable Home Screen and Control Center, a redesigned Flashlight app, new

Argentina's Milei fires foreign minister for opposing US embargo on Cuba

Argentina’s Milei fires foreign minister for opposing US embargo on Cuba

Reuters Diana Mondino has had to bid farewell to the foreign ministry Argentina’s president, Javier Milei, has sacked his foreign minister, Diana Mondino, after the country voted in favour of lifting the US economic embargo on Cuba at the United Nations. Argentina was one of 187 countries that supported the non-binding UN resolution on Wednesday.

Spain battles deadliest flooding disaster in decades as death toll rises

Spain battles deadliest flooding disaster in decades as death toll rises

Rescue operations under way after deadly flash flooding in Spain Spain is enduring its worst flooding disaster in decades, with at least 95 people dead and dozens more missing, after huge rains swept the eastern province of Valencia and beyond. Torrential rain on Tuesday triggered flash floods which swept away bridges and buildings and forced

Extreme Rainfall Creates Piles Of Cars In Spain

Extreme Rainfall Creates Piles Of Cars In Spain

Now Playing Extreme Rainfall Creates Piles Of Cars In Spain 00:46 Next Up Drone Captures Rainbow Halo Illusion Over Maine 01:06 Mount Rushmore Blanketed In Snow 00:25 Time Change This Weekend: An Extra Hour Of Sleep 00:22 Fireball Lights Up Dark Skies Over Rural Spain 00:22 Amazing Rescue Amid Deadly Flooding In Spain 00:30 Dramatic

Biden's "Garbage" Gaffe Defended By White House As Harris Distances From POTUS

Biden’s “Garbage” Gaffe Defended By White House As Harris Distances From POTUS

Kamala Harris is distancing herself today from Joe Biden’s “garbage” gaffe amid a very close election race, but the White House is insisting it’s all about the apostrophe. “Just to clarify, he was not calling Trump supporters garbage,” White House Press Secretary Karine Jean-Pierre said at the top of Wednesday briefing as the blast radius

“Amazing Joe” Burrus

California magician died on Halloween after being buried alive. What went wrong?

On Oct. 31, 1990, Fresno magician Joseph “The Amazing Joe” Burrus attempted a daring feat. Following in the footsteps of famed escape artist Harry Houdini, Burrus planned to be buried alive in a plastic-glass coffin under feet of cement, only to emerge unscathed. “I consider myself a master of illusion and escape artist. I believe

Applied Materials, Inc. (AMAT) Faces Challenges Amid Semiconductor Short Positions

Applied Materials, Inc. (AMAT) Faces Challenges Amid Semiconductor Short Positions

We recently published a list of Jefferies’ Top Crowded Semiconductor Short Positions: Top 10 Stocks. In this article, we are going to take a look at where Applied Materials, Inc. (NASDAQ:AMAT) stands against other Jefferies’ top crowded semiconductor short positions’ stocks. With the third quarter earnings season with us, the semiconductor industry continues to be

Positive News for Economic Growth as UK Government Resumes Funding for Growth Deals

Positive News for Economic Growth as UK Government Resumes Funding for Growth Deals

In a joint statement, the Mid South West Region and the Causeway Coast and Glens Borough Council expressed their enthusiasm following the announcement by Chancellor Rachel Reeves that the pause in funding for Growth Deals has been lifted. The statement read, “We welcome the news that the UK Government will stand by its funding commitments

Delphi murder suspect's alleged jail confessions revealed in court

Delphi murder suspect’s alleged jail confessions revealed in court

Prison staffers are revealing the alleged confessions made by Delphi, Indiana, murder suspect Richard Allen while behind bars. Allen is accused of killing Libby German, 14, and Abby Williams 13, on a hiking trail in rural Delphi on Feb. 13, 2017. He’s pleaded not guilty to murder. John Galipeau, the former warden of the Westville

Kamala Harris’ campaign claims over 75,000 attended Ellipse rally

Kamala Harris’ campaign claims over 75,000 attended Ellipse rally

WASHINGTON – Vice President Kamala Harris’ presidential campaign claimed more than 75,000 people attended her Tuesday rally on the Ellipse in Washington, D.C. “Over 75,000 Americans turned out for Kamala Harris,” read the post to X along with a 12-second video that showed the massive size of the crowd. VP Harris makes final pitch to

Riyadh Air orders 60 Airbus planes (Emmanuel DUNAND)

Riyadh Air orders 60 Airbus planes

Riyadh Air orders 60 Airbus planes (Emmanuel DUNAND) Saudi Arabia’s new national airline, Riyadh Air, announced on Wednesday it has ordered 60 narrow-body aircraft from Airbus, as it prepares for takeoff next year. The carrier, created last year, has reached “an agreement to purchase 60 Airbus A321neo single-aisle aircraft in the latest step towards its

Person holding a cheese wheel in a container, with the text "You got to smell this" overlaid on the image

It’s Forbidden! Here’s Why Some Countries Have Downright Banned These 7 Foods

Have you ever tasted something so good it feels like it should be illegal? Well, in some countries, your favorite ingredients and foods could actually land you in legal hot water. On this subject, the r/cooking Reddit community recently shared the foods they’ve heard are banned — or downright illegal — in some places, and

0
Would love your thoughts, please comment.x
()
x