Dollar Turns In Mixed Performance Against Major Counterparts

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Dollar Turns In Mixed Performance Against Major Counterparts

(RTTNews) - The dollar turned in a mixed performance against its major counterparts on Thursday, with traders digesting a slew of economic data, and a looking ahead to the PCE report, due on Friday.

Data from the Labor Department showed initial jobless claims dipped to 210,000 in the week ended March 23rd, a decrease of 2,000 from the previous week's revised level of 212,000. Economists had expected jobless claims to rise to 215,000 from the 210,000 originally reported for the previous week.

Revised data from the Commerce Department showed real gross domestic product surged by 3.4% in the fourth quarter compared to the previously reported 3.2% jump. Economists had expected the pace of GDP growth to be unrevised.

A report from The National Association of Realtors (NAR) said its pending home sales index shot up by 1.6% to 75.6 in February after plunging by 4.7% to a revised reading of 74.4 in January.

Economists had expected pending home sales to jump by 1.5% compared to the 4.9% nosedive originally reported for the previous month.

The University of Michigan's report said the consumer sentiment index for March was upwardly revised to 79.4 from the preliminary reading of 76.5. Economists had expected the reading to be unrevised.

The Commerce Department's report on personal income and spending is due on Friday. While the inflation data could impact the outlook for interest rates, traders will have to wait until next Monday to react to the report due to the markets being closed for Good Friday.

The Dollar index climbed to 104.73 in the European session, and despite a subsequent retreat, recovered to 104.54, gaining nearly 0.2%.

The dollar strengthened to 1.0788 against the Euro, gaining from 1.0828. Against Pound Sterling, the dollar firmed to 1.2625 from 1.2642.

The dollar ended slightly weak against the Japanese currency, at 151.33 yen a unit. The Aussie weakened against the dollar to US$0.6516.

The dollar weakened a bit against Swiss franc, easing to CHF 0.9016 from CHF 0.9038. Against the Loonie, the dollar shed ground, dropping to C$ 1.3541 from C$ 1.3568.

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