US data beats down the US Dollar

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Source: Dukascopy Bank SA


The release of the worse than expected US Unemployment Claims and Purchasing Managers Indices caused a decline of the US Dollar during the second part of Wednesday's trading.

The worse than expected data signalled to the markets that the Federal Reserve might not hike US interest rates as steeply, as previously thought. Namely, the borrowing costs and with it demand for the USD is now forecast to be lower than previously thought.

At 13:30 GMT, US Unemployment Claims came in at 240,000 new unemployed claimants instead of expected 225,000. Meanwhile, at 14:45 GMT, US Flash Services Purchasing Managers Index was revealed to be 46.1 instead of 48.0 and the Manufacturing sector PMI was 47.6 instead of 50.0.

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