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The dollar dropped to a one-week low after U.S. jobless claims surged to a record above 3 million. Fed Chair Powell said the economy may be in recession.
The dollar index fell 1.5% to 99.57.
The record jobless data signals a sharp demand slump, which pushes the dollar lower through lower rate expectations and risk-off flows. Weaker demand for commodities could also weigh on prices.
cnbc.comReutersMar 26, 2020After 47 past bearish report events, US Dollar (Broad) moved a median -0.2% over 5 sessions (34% higher; middle half -0.8% to +0.2%), and -0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
On 2020-03-26 the dollar index fell 1.5% to a one-week low after record US jobless claims and Powell's recession comment, which directly matches the day's drop.
Record jobless claims and Powell's recession comment drove a 1.5% dollar index drop on 26 March, inside the window.
