BREAKING: Dollar Down Over Weak U.S. Data, But Vaccine Optimism Lingers

Photo: Reuters

Investing.com – The dollar was down on Thursday morning in Asia, subdued by weak U.S. economic data but with lingering optimism over the development of a COVID-19 vaccine leading investors to riskier assets tied to global commodities and emerging markets.

The  U.S Dollar Index that tracks the greenback against a basket of other currencies inched down 0.09% to 91.918 by 10:05 PM ET (2:05 AM GMT), its lowest level in more than two months.

It was also close to its weakest in more than two months against the euro.

The dollar also took a hit after data released on Wednesday showed that the U.S.’s  Gross Domestic Product (GDP) grew 33.1% quarter-on-quarter during the third quarter, just missing the 33.1% growth in forecasts prepared by Investing.com but unchanged from the second quarter.

The data also showed 778,000 jobless claims for the past week, higher than the forecast 730,000 claims and the 748,000 claims submitted during the previous week.

There were grim warnings that even more job losses could be on the way, with many states re-imposing restrictive measures to curb the spiking number of COVID-19 cases.

The number of global COVID-19 cases surpassed 60 million as of Nov 26, of which over 12.7 million are U.S. cases, according to Johns Hopkins University data.

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