The dollar was hovering near a two-year high after strong U.S. labor market data supported the case for the Federal Reserve to slow interest-rate cuts.
Initial jobless claims fell by more than expected to 211,000 last week, the Labor Department reported Thursday. This highlights continued labor market resilience, Danske Bank strategist Mohamad Al-Saraf said in a note.
Investors are increasingly betting on a stronger dollar amid further signs of divergence between U.S. and euro zone economies and optimism over Donald Trump’s inauguration as U.S. President on January 20, he said.
Source: finance.yahoo.com