The US dollar remained largely unchanged against major currencies on Thursday following mixed readings from the latest batch of US economic data. A stronger dollar typically makes commodities priced in greenbacks more expensive for investors using other currencies.
Data released on Wednesday indicated that the US labor market started 2026 stronger than anticipated, raising hopes that the Federal Reserve could keep interest rates high for an extended period.
Nonfarm payrolls increased by 130,000 in January compared with a modestly revised increase of 48,000 in December, while the unemployment rate declined to 4.3 percent.
Data published Thursday also showed that initial jobless claims fell to 227,000 in the week ending Feb. 7.
Separately, Federal Reserve Governor Stephen Miron said on Thursday that the central bank’s current policy stance poses risks to the US economic expansion, which he said is being supported by a number of Trump administration policies, including tax cuts. He reiterated his argument in favor of further rate cuts.
Market participants now await the release of inflation data for additional clarity on the Fed’s future policy direction.
In other precious metals, spot platinum rose 1.7 percent to $2,033.15 an ounce, while palladium rose 1.4 percent to $1,639.99.
