After data showing a decline in weekly jobless claims, the U.S. dollar gained against the British pound and yen on Thursday. According to the Wall Street Journal, the dollar climbed 0.3 percent versus the yen, to 101.77 yen. This is its highest level in one week and its fifth straight rise. Meanwhile, the pound has continued to fall, losing 0.4 percent, to $1.6986, the lowest level in a month and its sixth consecutive decline.
Data based off of a survey of economists by the Wall Street Journal showed that the number of jobless claims was below the average forecast of 305,000. Applications for unemployment benefits fell from 19,000 to 284,000, an 8.5 year low.
After the jobless claims data was released Thursday, investors started to sell Treasurys, which helped the dollar gain, reports Reuters. The benchmark 10-year note lost in price to yield 2.507 percent.
Joe Manimbo, senior market analyst at Western Union, wrote in a research report, "Fewer jobless claims and higher U.S. Treasury yields helped the greenback continue its steady march higher," according to the Wall Street Journal.
As the Feds considers the best timing and speed of raising short-term rates from extremely low levels, the initial jobless claims decrease within the range of unemployment indicators it follows.
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