The US dollar dropped further this morning after weekly jobless claims unexpectedly moved higher raising some doubt about a strong U.S. labor market recovery in the fall. The drop comes after moves down in USD on Tuesday and Wednesday, which reversed all of the greenback’s big gains on Monday. The decline in the US dollar over the last few days comes in response to renewed risk appetite as strong corporate earnings outweigh worries about Covid variants. Since Monday’s peaks, USD is down 2 pennies against the risk-friendly CAD. USD to CAD is currently at 1.255 (CAD to USD is at 0.797). Oil prices, which fell by the largest margin in months on Monday, have also steadied, which is further bolstering the Canadian dollar.
