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Dollar gains after U.S. data prompts safety bid
NEW YORK - The dollar gained on Thursday amid slight safe haven flows after a government labor report indicated that employment remains weak and that the economic recovery is not imminent.
Weekly jobless claims decreased in the latest period while continued claims notched a fresh record high. For details, see [ID:nN30500233]
Other recent data had investors betting the U.S. recovery was getting close despite an unexpectedly large contraction in the U.S. economy in the first quarter.
“None of the numbers were entirely surprising to the market,” said Vassili Serebriakov, currency strategist, Wells Fargo in New York “Initial jobess cliams were little stronger than expected, but the continuing claims were a little weaker.”
The euro was last down 0.2 percent lower at $1.3232 EUR while the dollar was 0.9 percent higher against the yen at 98.43 yen JPY.
Moves in the dollar were also being dictated by month end fixing related flows tied in part to equity related adjustments,” said Brown Brothers Harriman in a note to clients. Moves were also exaggerated by thin market conditions ahead of the May Day holiday tomorrow and the start of Golden Week Holiday in Japan.
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