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On Thursday, the dollar index (DXY) rose by 0.17%, recovering from a 5-week low after US weekly initial unemployment claims unexpectedly fell by 27,000 to a three-year low of 191,000. This signaled a stronger labor market and had positive implications for the dollar regarding Federal Reserve policy.
In contrast, US job cuts for November rose by 23.5% year-over-year to 71,321, while factory orders in September increased by 0.2% month-over-month, slightly below expectations of 0.3%.
The markets are currently pricing in a 91% chance that the FOMC will cut the fed funds target range by 25 basis points at the upcoming meeting on December 9-10.
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