Yahoo Finance Forex- U.S. Dollar Little Moved, Sterling Rises
Investing.com - The dollar eased back from its early highs on Thursday, while sterling recovered from its earlier losses.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.02% to 89.37 by 10:56 AM ET (14:56 GMT).
The dollar was unmoved from mixed economic data. The number of people who filed for unemployment assistance in the U.S. last week fell less than expected, by 1,000 to 232,000. A separate report showed that the Philadelphia Fed's manufacturing index unexpectedly rose in April, to a reading of 23.2 from 22.3 in March.
U.S. President Trump and Japanese Prime Minister Shinzo Abe met in Florida this week and have agreed to intensity trade consultations.
The dollar gained ground against the yen, with USD/JPY rising 0.11% to 107.35. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.
The pound recovered from its earlier losses after retail sales came in lower than expected, adding doubts about the Bank of England’s monetary policy. Data showed that retail sales fell 1.2% in March compared to a rise of 0.8% in February. GBP/USD recovered 0.17% to 1.4225.
The euro was down, with EUR/USD falling 0.02% to 1.2370.
Elsewhere, the Australian dollar was higher, with AUD/USD down 0.13% to 0.7774 while NZD/USD decreased 0.29% to 0.7299. Data from New Zealand showed that annual inflation slowed to 1.1% in the first quarter, boosting expectations that interest rates would remain low for the near future.
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