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Dollar slips after oil rises, jobless claims fall

Dollar slips after oil rises, jobless claims fall

The dollar slipped Thursday as oil prices rose past $119, even after the number of Americans filing for unemployment benefits dropped.
The 15-nation currency rose to $1.4830 in early morning trading in New York from $1.4768 late Wednesday.
Light, sweet crude prices rose above $119 a barrel in electronic trading on the New York Mercantile Exchange on Thursday morning.
Investors often use oil as a hedge against a falling dollar and rising inflation. The prices of crude futures and the dollar have tended to move in opposite directions.
The Labor Department said Thursday that the number of workers filing for unemployment benefits dropped by 13,000 to 432,000, more than expected. But the four-week moving average, which grew to 445,750, is at its highest level in almost seven years.
"Profit-taking off recent gains and the fact commodity prices are edging higher once more is ensuring that the dollar retreats further from the highs it saw earlier in the week," said James Hughes, a currency analyst with CMC Markets.
In other trading, the British pound rose to $1.8705 Thursday morning from $1.8615, while the dollar slid to 108.25 Japanese yen from 109.79 yen late Wednesday in New York.


Updated : 2021-05-18 20:19 GMT+08:00