Falling more-than-expected, U.S.first-time jobless claims dropped to 289,000 in the week ended March 7th, from the previous week's revised level of 325,000. Economists had expected jobless claims to pull back to 309,000 from the 320,000 originally reported for the previous week.
Remittances have numerous benefits for development. They have been associated with accelerated poverty alleviation, improved access to education and health services, and greater financial development. In addition, remittances may enable consumers to maintain their consumption levels despite illness or some other calamity, which may be critical at very low levels of income.
The euro depreciated further against the dollar on Wednesday, slumping as much as 1.5% to a 12-year low of $1.056 before stabilizing slightly, as the ECB’s QE program continued to push the region’s bond yields down to new record lows. The single currency was broadly weaker against other major currencies, sinking to a 7-year low versus sterling at 70.145 and an 18-monh low against the yen at 128.20.
The euro fell for a fifth day versus the dollar on Wednesday ahead of the European Central Bank policy meeting tomorrow, which will provide more details on €60 billion a month stimulus plan. The single currency was trading 0.8% lower against the dollar at $1.1086, approaching its 11-year low of $1.1098 last reached on January 26 this year. The euros’ lingering weakness is likely to reflect a growing divergence in growth and monetary policy outlook between Europe and the U.S.
To access recent and long-term historical prices and other commodity-related information, please click here.
U.S. stocks retreated on Tuesday, with the Dow Jones Industrial Average and S&P 500 index easing back from their record closing highs on Monday, while the dollar weakened against a basket of major counterparts. European and Asian stocks were mostly weaker as investors were cautious of a potentially overheating market. The benchmark MSCI World stock index slipped 0.2%. The dollar index (DXY), which tracks the greenback against a group of six major currencies, fell 0.25% from its 11-year peak to 95.214.