The dollar index (DXY00) on Thursday fell from a 5.5-month high and finished down by -0.04%. The dollar whipsawed lower Thursday after US Sep nonfarm payrolls rose more than expected but the Sep unemployment rate unexpectedly ticked up to a nearly 4-year high, bolstering expectations that the Fed may still cut interest rates at next month's FOMC meeting. Other US economic news on Thursday was mixed for the dollar as weekly jobless claims fell more than expected, the Nov Philadelphia Fed business outlook survey rose less than expected, and Oct existing home sales rose to an 8-month high.
US weekly initial unemployment claims fell by -8,000 to 220,000, showing a stronger labor market than expectations of 227,000. However, weekly continuing claims rose to 1.974 million, the most in four years, and a sign that those currently laid off are finding it challenging to secure new employment.
