US recap: EUR/USD trims weekly drop amid dollar setback
Oct 24 (Reuters) -The dollar pared broad weekly gains on Thursday as falling Treasury yields and lower oil weighed on the greenback.
In U.S. data, jobless claims unexpectedly fell last week and the flash U.S. Composite PMI for October improved to 54.3 with businesses raising prices at the slowest pace in nearly 4-1/2 years.
Federal Reserve Bank of Cleveland President Beth Hammack said Thursday inflation pressures have been easing but still have yet to return to where they need to be.
The euro rose after European Central Bank officials tried to cool market speculation on bigger interest rate cuts. A survey of euro zone business activity stalled again this month, pointing to an economic contraction, but Germany’s reading improved.
The pound rose with gilt yields after a report that British finance minister Rachel Reeves will change how the government assesses the public finances to free up extra capital spending.
Bank of Japan Governor Ueda said markets remain unstable and that the recent yen fall is driven partly by optimism over U.S. economic outlook.
Treasury yields fell 3 to 6 basis points. The 2s-10s curve was down about 2 basis points to +13.7bp.
The S&P 500 rose 0.23% amid gains in consumer discretionary and real estate indexes.
Oil fell 1.00% on worries about slow European growth.
Gold rose 0.73% as geopolitical worries boosted demand for safe-havens.
Copper was little changed though Goldman Sachs raised its 2025 price forecasts.
Heading toward the close: EUR/USD +0.36%, USD/JPY -0.68%, GBP/USD +0.36%, AUD/USD +0.08%, DXY -0.35%, EUR/JPY -0.32%, GBP/JPY -0.29%, AUD/JPY -0.59%.
For more click on FXBUZ
Editing by Burton Frierson
Reporting by Robert Fullem
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