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Dollar strengthens against majors ahead of US jobs data
The US Dollar Index was up 0.26% near 100.00 after jobless claims missed forecasts and oil jumped 3% on Strait of Hormuz risk.
FXStreet reports the US dollar rose against every major currency on Thursday, lifting the US Dollar Index (DXY) 0.26% to near 100.00 as markets trimmed risk ahead of Friday’s Nonfarm Payrolls release.
The greenback gained support from stronger-than-expected labor signals, including Initial Jobless Claims at 199K, above forecasts, and Challenger Job Cuts of 33.429K in July, its lowest reading in two years, FXStreet said.
Commodity and geopolitical moves also added to the backdrop. West Texas Intermediate oil rose 3% to $77 per barrel after reports that vessels linked to the US, Israel, and other countries Tehran considers hostile would be barred from the Strait of Hormuz under a proposed agreement, while gold and silver slipped.
FXStreet added that EUR/USD fell about 0.27% to around 1.1500, USD/JPY rose about 0.39% to near 158.40, and GBP/USD eased around 0.11% toward 1.3450, with the next catalysts including China’s July trade data and US Nonfarm Payrolls, where the consensus was 80K.
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