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Dollar trims losses against euro and pound, but gains on yen after economic reports

Dollar trims losses against euro and pound, but gains on yen after economic reports

The dollar narrowed its losses against the euro and pound, while strengthening against the yen Thursday after the release of three better-than-expected economic reports.
The 12-nation currency bought $1.3146 in afternoon New York trading, up from $1.3123 in New York late Wednesday, but lower than the $1.3191 the euro bought in early New York trading.
The British pound climbed to $1.9628 from $1.9564. The pound had traded as high as $1.9665 in trading.
The dollar rose against the Japanese currency, climbing to 118.93 from 118.74 yen on Wednesday.
The Labor Department said Thursday that 317,000 newly laid-off workers filed for jobless benefits last week, an increase of 1,000 from the previous week. However, that was better than the rise of 8,000 analysts been expected.
Consumer confidence also came in above expectations. The New York-based Conference Board said its Consumer Confidence Index rose to 109.0 in December, up from a revised 105.3 in November and higher than analysts' expectations of about 102.5.
The National Association of Realtors also reported that sales of previously owned homes rose 0.6 percent in November, following a 0.5 percent sales increase in October. It marked the first back-to-back sales gains since the spring of 2005.
Despite the stronger-than-expected data, the dollar was hindered by thin holiday trading and cautious investors going into the new year.
"It's a function of not many people being around. Of those who are here, no one is taking on significant new positions," said David Solin, a partner at Foreign Exchange Analytics of Essex, Connecticut. "At this point, everyone has wound down and is planning for next year."
In other New York trading, the dollar bought 1.2221 Swiss francs, down from 1.2256 late Wednesday, and 1.1607 Canadian dollars, down from 1.1611.


Updated : 2021-06-13 13:11 GMT+08:00