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Dollar Gains Against Major Rivals After Jobless Claims Data
(RTTNews) - The U.S. dollar firmed against its major rivals on Thursday, buoyed by data showing an unexpected drop in jobless claims in the week ended July 15.
The report from the Labor Department showed initial jobless claims dropped to 228,000 last week, down 9,000 from the previous week's unrevised level of 237,000. Economists had expected jobless claims to inch up to 242,000.
The report also said the less volatile four-week moving average also edged down to 237,500, a decrease of 9,250 from the previous week's unrevised average of 246,750.
The Federal Reserve, scheduled to announce its monetary policy next week, is widely expected to raise rates by 25 basis points. However, traders expect the hike will be the last.
The dollar index, which languished below the flat line till the start of the New York session, climbed to 100.97 a little past noon, and was last seen at 100.84, up 0.55% from the previous close.
Against the Euro, the dollar strengthened to 1.1130 from 1.1204, and firmed to 1.2866 against Pound Sterling from 1.2941.
The dollar advanced against the Japanese currency, fetching 140.07 yen a unit. Against the Aussie, it dropped a bit to 0.6779.
The Swiss franc fell to 0.8668 against the dollar, losing nearly 1%. The dollar gained marginally against the loonie to C$1.3173.
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