RTTNews - The dollar held its ground versus other major currencies Thursday morning in New York as caution prevailed on Wall Street ahead of the latest round of data on the jobs situation.
Trading is likely to be driven by the Labor Department's jobless claims data for the week ended June 13th. Economists expect first time claims to come in at 602,000 compared to 601,000 reported in the previous week. The report is set to be released at 8:30 a.m. ET.
Focus will also be on the Philadelphia Fed's manufacturing survey for June and the Conference Board's leading indicators for May. The reports are both scheduled for release at 10:00 a.m. ET. Economists expect the diffusion index of current activity to show a reading of -17 for June. The consensus estimate calls for a 0.9% increase in the leading indicators index for the month.
The dollar inched higher versus the sterling Thursday morning, rising to a 9-day high of 1.6186. Its been a choppy month of June for the dollar against the sterling, stabilizing after hitting a 6-month of 1.6662 a few weeks ago.
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.
Against the euro, the buck was little changed, hovering between 1.3900 and 1.4000. Earlier in the week, the buck rose to a 4-week high of 1.3747.
The dollar was also steady versus the yen, staying just below 96. 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.
Versus the petro-linked loonie, the dollar held near 1.1350, as the price of oil ticked lower toward $70 a barrel.
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