The greenback relinquished gains against the majors with the euro edging up just shy of the 1.24-level while the Canadian dollar pushed higher to 1.0493 in the Thursday session. Improving risk appetite propped the global equity indexes higher sending the Dow Jones higher by more than 2% and the Nasdaq up by 2.85% in the afternoon session. Crude oil benefited as well, posting a nearly 3.7% rally to above the $74-per barrel mark.

China reassured markets and quelled rumors that it was reevaluating its Eurozone debt holdings - which was first reported in yesterday's FT. A Chinese government official shrugged off the report, calling it groundless and prompting a rally in the global equity bourses.

Economic reports released earlier in the session were largely softer than forecast. Weekly jobless claims fell by less than expected at 460k versus calls for a decline to 455k and down from an upwardly revised 474k in the previous week. The second reading for Q1 GDP was downwardly revised to reveal growth of 3.0% -- compared with calls for an upward revision of 3.4% versus the preliminary reading of 3.2%.

Rounding out this week's data will be April personal consumption expenditures, personal income, personal spending, the NY ISM, Chicago PMI, and the University of Michigan consumer confidence survey.