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Forex - Dollar broadly higher vs. rivals as euro gives up gains

Published 06/09/2011, 10:46 AM
Updated 06/09/2011, 10:46 AM

Investing.com – The U.S. dollar moved broadly higher against its major counterparts on Thursday, after the release of mixed U.S. economic data and as the euro gave up gains following remarks by the European Central Bank president.

During early U.S. trade, the greenback was higher against the euro, with EUR/USD shedding 0.45% to hit 1.4516.

The euro weakened broadly after ECB chief Jean-Claude Trichet signaled a rate hike in July that was already priced in by investors.

The greenback was also up against the pound, with GBP/USD slipping 0.11% to hit 1.6383.

Earlier Thursday, the Bank of England kept interest rates unchanged at the record low of 0.5%, in a widely expected decision.

Meanwhile, the greenback was higher against the yen and the Swiss franc with USD/JPY rising 0.38% to hit 80.20 and USD/CHF advancing 0.67% to hit 0.8416.

Earlier in the day, revised data showed Japan's economy contracted by 0.9% in the first quarter, unchanged from the initial estimate as the March 11 earthquake and tsunami disrupted factory production.

Elsewhere, the greenback was down against its Canadian and New Zealand counterparts, but up against its Australian cousin, with USD/CAD shedding 0.43% to hit 0.9750, NZD/USD jumping 1.43% to hit 0.8266 and AUD/USD dipping 0.08% to hit 1.0615.

The Reserve Bank of New Zealand left its official cash rate unchanged at 2.5% earlier Thursday, but indicated that rates will need to rise over the next two years to curb inflation.

Elsewhere, official data showed that Australian employment growth slowed sharply in May and full time employment declined.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.27%.

Earlier Thursday, the U.S. Department of Labor said initial unemployment claims unexpectedly increased by 1,000 to a seasonally adjusted 427,000 in the week ended June 4.

In a separate report, the U.S. Commerce Department said the trade deficit declined 6.7% to USD43.68 billion in April, from a downwardly revised USD46.82 billion the month before.



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