The dollar spiked up against major currencies on Thursday in New York as investors mulled over several key economic reports from the U.S. The greenback climbed to new multi-day highs against the British pound and the Swiss franc.
The U.S. trade deficit narrowed more than was expected in February, according to government data released Thursday. The U.S. Commerce Department reported that the trade gap came in at a deficit of $25.97 billion for February. This compared to a revised level of $36.2 billion in the previous month.
According to a report released by the Labor Department today, prices rose 0.5 percent in March following a revised 0.1 percent decrease in February. At the same time, the Labor Department said that export prices fell 0.6 percent in March after edging down 0.3 percent in the previous month.
The Department of Labor also announced initial jobless claims fell to 654,000 for the week ended April 4, compared to the previous week's revised level of 674,000.
After a downtrend in early European trading, the greenback gained ground against the euro and the British pound during New York morning. At present, the dollar is trading at new multi-day highs of 1.3140 against the euro and 1.4619 versus the pound from previous session's lows of 1.3337 and 1.4781, respectively.
Thursday, the Bank of England retained its key interest rate at a record low as expected. At the end of two-day rate setting meeting, the Monetary Policy Committee of the Bank of England decided to hold the interest rate at 0.5%. The interest rate now stands at the lowest level since the central bank was established in 1694.
Against the Japanese yen and the Canadian dollar, the US currency also showed strength and as of now is trading near 100.56 and 1.2293, respectively.
Extending previous session's uptrend, the US dollar advanced further against the Swiss currency in New York morning deals today. As of now, the greenback is trading near new multi-day high of 1.1600 versus the franc.
Switzerland's seasonally adjusted unemployment rate increased to 3.3% in March from 3.1% recorded in February, the State Secretariat for Economic Affairs said Thursday. The jobless rate matched economists' expectations.
For comments and feedback: contact email@example.com