RTTNews - The dollar was steady versus other majors on Thursday in New York, with another round of troubling figures from the jobs front tempering expectations of an economic recovery.
Traders considered data showing that first-time claims for unemployment benefits unexpectedly increased in the week ended August 15th. Green shoots on the economic front have withered of late, helping the safe-haven dollar stabilize versus higher-yielding counterpart.
The Labor Department released a report Thursday morning showing that first-time claims for unemployment benefits unexpectedly increased in the week ended August 15th.
The report showed that initial jobless claims rose to 576,000 from the previous week's revised figure of 561,000.
Not all the news on the economic front was as discouraging. The Conference Board released its report on leading economic indicators in the month of July on Thursday, showing that its leading indicators index increased for the fourth consecutive month.
Manufacturing activity in the mid-Atlantic region is showing some signs of stabilizing, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, with the index of activity in the sector unexpectedly climbing into positive territory in August.
The Philly Fed said its index of current activity rose to 4.2 in August from a negative 7.5 in July.
The report showed that the leading economic index rose 0.6 percent in July following an upwardly revised 0.8 percent increase in June.
The dollar was little-changed versus the euro, staying near 1.4225. Earlier in August, the dollar hit an 8-month low of 1.4446 before finding its footing.
The buck firmed up slightly versus the sterling, rising to 1.6480 after touching a weekly low near 1.6600 overnight.
The Office for National Statistics reported that UK retail sales rose 3.3% in July from a year earlier, which was the biggest since May 2008. July's increase was larger than the expected growth of 2.7%. On a monthly basis, retail sales volume grew 0.4%, in line with expectations.
The dollar hovered near 94 yen Thursday, having slipped to a monthly low of 93.66 on Wednesday.
Bank of Japan board member Atsushi Mizuno said the global recovery is fragile and cannot be sustained without support from governments and central banks.
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