Thursday, April 26, 2007

Dollar Up On Other Majors, Thursday, April 26, 2007 10:43:50 AM

The U.S. dollar advanced on its major counterparts on Thursday morning in New York. The greenback reached weekly highs against the sterling and yen. Additionally, it moved away from multi-year lows against both the euro and pound. The dollar`s early trading against its major counterparts happened amid the release of weekly jobless claims for the U.S.

The dollar advanced off of a two-year low against the euro on Thursday morning in New York. The greenback moved away from that low throughout the morning, making a sharp surge at 5:30 am Eastern Time. The dollar reached its daily high of 1.3604 at 8:30 am Eastern Time, before cooling off slightly. The pair was range bound for the next two hours.

The greenback gained to a weekly high on the yen Thursday morning in New York. The dollar`s advance began in the early morning and continued into the middle of the day. The greenback got as high as 119.48 at 8:30 a.m. ET. Trading was generally stable from there. The pair was at 119.31 at 10:45 a.m. ET. Thursday`s trading between the dollar and the yen came as the new Japanese Prime Minister visited the White House for the first time since he took office.

The dollar climbed to a weekly high against the pound during Thursday morning`s trading in New York. In the early morning, the greenback moved away from a weekly low against the pound, which hovered above a 26-year low the dollar saw versus the sterling last week. The greenback began to trend up at around 3 a.m. ET and reached as high as 1.9922 at 10 a.m. ET.

Thursday morning, the Department of Labor released its report on initial jobless claims in the week ended April 21. The report showed that jobless claims fell by more than economists had been expecting. The Labor Department said jobless claims fell to 321,000 from the previous week`s revised figure of 341,000. Economists had expected jobless claims to fall to 330,000 from the 339,000 originally reported for the previous week.
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