Rising Unemployment Moves Investors Away From Dollar – 7 May, 2020

As more governments move to open their economies and the U.S. unemployment rates grow, investors have been moving towards riskier assets causing the dollar to slip. The dollar index dipped against a basket of six major currencies from the previous sessions high of 100.40 to 99.829. The Australian dollar gained nearly 1.5% the previous session helping the currency trade at $0.6505. Down roughly 1.3% for the week, the euro clawed back from a two week low of $1.07665 to $1.0835 euro. The greenback managed to bounce back from a seven week low against the safe-haven yen from 10.985 to 106.295 yen. Data shows the week ending in May 2 claimed 1.169 million unemployment claims to bring the total claims from March to 33.5 million.