The dollar was higher against most major currencies on June 25 as initial jobless claims in U.S. rose unexpectedly last week.
Initial claims for jobless benefits rose to 627,000 last week from 612,000 of the previous week, the U.S. Labor Department reported. Analysts have forecasted that the number would drop to 600,000. Continuing jobless claims rose by 29,000 to 6.74 million, also higher than expected.
The dollar inched higher in early trading as the job report hurt investors’ confidence in economy recovery. It lost some gains later as some builders and retailers reported better-than-expected results.
The Commerce Department revised U.S. GDP data for the first quarter upwardly slightly, from a decline of 5.7 percent to 5.5 percent previously estimated. Analysts expected that U.S. economy would contract at a much slower pace of 2.5 percent to 3 percent in the second quarter.
The euro bought 1.3987 dollars in late New York trading compared with 1.3921 dollars it bought late Wednesday. The pound fell to 1.6369 dollars from 1.6411 dollars.
The dollar rose to 1.1577 Canadian dollars from 1.1520 Canadian dollars, and fell to 1.0947 Swiss francs from 1.0993 Swiss francs. It rose to 95.88 Japanese yen from 95.77 Japanese yen.
Source:Xinhua
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