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Forex News: Dollar Climbing After Unexpected Drop In Weekly Jobless

Dollar Climbing After Unexpected Drop In Weekly Jobless Claims

02/09/2017 - 14:14:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against all of its major rivals Thursday afternoon. The U.S. currency has been rising since the release of the better than expected weekly jobless claims report this morning. Economic data has been sparse this week, which has kept many investors on the sidelines in recent days.

First-time claims for U.S. unemployment benefits unexpectedly decreased in the week ended February 4th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dropped to 234,000, a decrease of 12,000 from the previous week's unrevised level of 246,000. Economists had expected jobless claims to edge up to 250,000.

Partly reflecting a jump in petroleum inventories, the Commerce Department released a report on Thursday showing a notable increase in U.S. wholesale inventories in the month of December. The Commerce Department said wholesale inventories climbed by 1.0 percent in December, matching the increase seen in November as well as economist estimates.

The dollar dipped to a low of $1.0709 against the Euro this morning, but has since climbed to around $1.0660.

Germany's trade surplus reached a record high in 2016 as exports grew more than imports, weathering global uncertainties.

The trade balance showed a surplus of EUR 252.9 billion in 2016, the highest value ever recorded and clearly exceeded the previous peak of EUR 244.3 billion achieved in 2015, Destatis reported Thursday.

Exports expanded 1.2 percent and imports gained 0.6 percent in 2016.

The buck fell to an early low of $1.2581 against the pound sterling Thursday, but has since bounced back to around $1.25.

The Bank of Japan should persistently pursue its monetary easing under the quantitative and qualitative monetary easing with yield curve control, Deputy Governor Hiroshi Nakaso said Thursday.

He observed that some market participants argue that the BoJ might consider raising the target level of the long-term interest rate in the near future.

Although the momentum toward achieving the price stability target of 2 percent has been maintained, there is still a long way to go to achieve the Bank's price stability target, Nakaso said.

The greenback has broken out to a 4-session high of Y113.185 against the Japanese Yen this afternoon, from an early low of Y111.870.

Core machine orders in Japan were up 6.7 percent on month in December, the Cabinet Office said on Thursday, coming in at 889.8 billion yen. That topped forecasts for an increase of 3.1 percent following the 5.1 percent contraction in November.

The M2 money stock in Japan was up 4.1 percent on year in January, the Bank of Japan said on Thursday, standing at 961.6 trillion yen. That exceeded forecasts for a gain of 4.0 percent, which would have been unchanged from the December reading.

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