RTTNews - The euro was little-changed in trading versus other majors on Thursday in New York as global markets saw modest recovery after recent declines. The single currency had seen weakness in recent days as falling stocks reduced risk appetite.
The euro inched up to the 1.3600 level against the dollar after hitting a five-day low of 1.3524 late yesterday. Earlier this week, the European currency hit a seven-week high of 1.3721.
The U.S. Labor Department said initial jobless claims, a closely-watched measure of layoffs, jumped to 637,000 for the week ended May 9th. This was up 32,000 from the previous week's revised total of 605,000.
A separate Labor Department report showed that the producer price index rose 0.3 percent in April following an unrevised 1.2 percent decrease in March. Economists had been expecting a slightly more modest increase in prices of about 0.2 percent.
The European currency was little-changed against the British pound, moving near 0.8960. The pair has been in a range-since slipping away from a two-week high of 0.9036 on Monday.
The euro also leveled off versus the Japanese yen after hitting a 2 1/2-week low of 128.86 in overnight deals. The single currency had been trending lower throughout the week.
In its monthly bulletin, the European Central Bank said the Eurozone annual HICP inflation rate is expected to stay below 2% in 2010, reflecting ongoing sluggish demand in the euro area and elsewhere.
Meanwhile, ECB Vice President Lucas Papademos said despite a sharp downturn in the first quarter, the Eurozone economy is expected to kick-start recovery sooner than anticipated.
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