Strong U.S. job market data pushed up the greenback on Thursday against the Japanese yen and the common currency of the European Union, providing a brighter outlook for prospects of the world's largest economy, according to Bloomberg.
Unemployment benefit applications sank to their lowest in well more than five years and the jobless rate fell to its lowest level since the end of 2008. Speculation mounted about the U.S. Federal Reserve being more inclined to bring monetary stimulus programs to a close ahead of those of the Bank of Japan and the European Central Bank.
"The report reinforced expectations that the U.S. economy remains best placed to begin gaining traction in its recovery efforts compared to counterparts" within developed regions of the world, market strategy director Samarjit Shankar with BNY Mellon in Boston told Reuters on Wednesday.
The euro's losses were partially brought on by weak debt auction results in Spain, which served as a reminder of the 17-nation bloc's trying times.
Jobless claims dropped by 4,000 to their lowest level in since early 2008, according to Reuters. The strong data followed the U.S. Labor Department's release of welcome data late last week.
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