U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights
NEW YORK, Nov 16 (Reuters) – The dollar meandered on Thursday after U.S. jobless claims rose more than expected last week, indicating a cooling labor market that could prompt the Federal Reserve to cut interest rates in early 2024 as it tries to engineer a soft landing.
The dollar index , a measure of the U.S. currency against six peers, edged higher 0.08% as a slowing U.S. economy leads the market to perceive the Fed is done raising rates.
Conversely, the euro strengthened 0.02% to $1.0848 after it jumped 1.69% on Tuesday, its biggest single-day percentage gain since November 2022.
Claims for state unemployment benefits rose 13,000 to a seasonally adjusted 231,000 for the week ended Nov. 11, the Labor Department said. Economists polled by…
