RTTNews - The euro gained on other majors on Thursday in New York amid data showing improved Eurozone economic sentiment. Improving stocks also helped increase risk appetite.
The euro turned higher in mid-morning trading against the dollar after earlier hitting a weekly low of 1.3792. If the common currency gets above 1.4050, it will reach its highest level in nearly five months.
In the U.S., a Commerce Department report showed that durable goods orders jumped 1.9% in April following a downwardly revised 2.1% decrease in March. Economists had expected orders to edge up 0.5 percent compared to the 0.8% drop that had been reported for the previous month.
The euro continued an upward trend against the British pound and moved near 0.8750. The European currency as been trending higher since yesterday afternoon when it hit a 3 1/2-month low of 0.8651.
Retail sales in the UK dropped again in May after showing some improvements in April, the latest distributive trades survey carried out by the Confederation of British Industry or CBI showed. The industrial lobby said 48% of retailers surveyed said year-on-year sales volume was down in the first half of May, while 31% said sales grew. The resulting balance was minus 17%, down from plus 3% recorded in the previous month.
The euro hit a 7 1/2 week high of 135.13 against the Japanese yen, rising above a near-term trading range.
Japanese retail sales dropped 2.9% on-year in April, the government data said. Sales declined for the eighth consecutive month. However, it was better than analyst expectations for a 3.3% annual decline following the revised 3.8% fall in March.
In the Eurozone, the economic sentiment index rose to a six-month high of 69.3 in May from 67.2 in April, the European Commission's monthly survey revealed. The reading stood above the expected level of 69.
A separate survey from the European Commission revealed that business confidence in the euro area rose slightly to minus 3.17 in May from minus 3.26 last month. Economists were expecting a reading of minus 3.1.
In Germany, the seasonally adjusted number of unemployed rose 1,000 to 3.46 million in May after changing the way it was calculated before, the Federal Labor Agency said. Economists had forecast an increase of 64,000 for May after the revised rise of 57,000 in April. The seasonally adjusted jobless rate fell to 8.2% from 8.3%.
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