RTTNews - The dollar remained uncertain versus other majors Thursday, unable to sustain much direction as traders pondered a mixed bag of economic reports.
From the jobs front, first-time claims for unemployment benefits showed a modest increase in the week ended June 13th, according to a report released by the Labor Department on Thursday, although the report also showed a decrease in continuing claims.
The report showed that initial jobless claims rose to 608,000 from the previous week's revised figure of 605,000.
The dollar gained a bit of ground in afternoon trading versus the euro, rising back to 1.3900. With the advance, the dollar moved back toward Monday's 4-week high of 1.3747. Its been a solid month of June for the dollar, which has stabilized since hitting a 5-month low near 1.4330 a few weeks ago.
The dollar barely budged versus the sterling, staying near 1.6300. Still, the dollar remains within hailing distance of a 6-month low of 1.6662, set earlier in June.
U.K.'s manufacturing export orders in June dropped to the lowest level in more than a decade as overseas demand continued to weaken, results of the latest Industrial Trends survey conducted by the Confederation of British Industry or CBI revealed Thursday.
The dollar firmed up a bit versus, rising to 96.50 after hitting 2-week low of 95.50 during the previous session. Yesterday, the Bank of Japan and the Cabinet office raised their economic assessment for the second straight month as some of the leading indicators suggested that the worst of the recession is over.
Back in the US Thursday, activity in the mid-Atlantic region's manufacturing sector has continued to contract in the month of June, according to the Federal Reserve Bank of Philadelphia. However, the pace of contraction has slowed by much more than economists had been expecting.
The Philly Fed said its index of activity in the manufacturing sector rose to a negative 2.2 in June from a negative 22.6 in May, although a negative reading still indicates a contraction.
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