Dollar Uncertain Ahead Of Jobless Claims Thursday Morning

By @ibtimes on

RTTNews - The dollar was steady versus other majors Thursday morning in New York, snapping back after touching a weekly low versus the sterling.

Traders were looking ahead to the customary weekly jobless claims for the week ended August 15, to be released at 8.30 am ET.

Economists expect that jobless claims eased to 550,000. A reading on the U.S Leading Index for July from the Conference Board and the results of Philadelphia Federal Reserve's manufacturing survey will also be on the radar of traders.

Green shoots on the economic horizon appear to have withered over the past few weeks, but a round of encouraging data could spark the same exuberance that drove stocks sharply higher earlier this summer.

The dollar was little-changed versus the euro, staying near 1.4225. There was little first tier economic data from across the Atlantic. Earlier in August, the dollar hit an 8-month low of 1.4446 before finding its sea legs.

The buck firmed up slightly versus the sterling, rising to 1.6480 after touching a weekly low beat 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 managed to steady above 94 versus the yen Thursday morning, 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.

The policymaker said the potential economic growth rate for Japan is likely to be lower than the 1% level estimated by the central bank in April.

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