Investing.com – The dollar traded higher against a basket of global currencies on Thursday, despite a mixed bag of economic data pointing to potential headwinds in the U.S. labor market.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.64% to 93.93.
Better-than-expected durable goods orders data for June offset initial jobless claims data that undershot expectations, pushing the dollar off 14-month lows sustained in the prior session.
The U.S. Department of Labor reported Thursday that initial jobless claims rose by more than expected to 244,000 in the week ended July 23, missing forecasts of a 7,000 decline.
In a separate report, core durable goods orders rose by 6.5% in June, the Commerce Department said Thursday, reflecting a sharp jump in orders for transportation equipment.
The dollar had fallen to 14-month lows in the prior session, following the Federal Reserve’s decision to keep its benchmark rate unchanged amid jitters among Fed members about the slowdown inflation.
The sharp rebound in the dollar weighed on the pound and euro, as both currencies pared recent gains.
GBP/USD fell to $1.3072, down 0.34%, a day after provisional economic growth data, measured by gross domestic product (GDP), met economists forecast.
UK GDP is estimated to have increased by 0.3% in the second-quarter, an improvement from the first-quarter, the Office of National Statistics said Wednesday.
EUR/USD traded at $1.1667, down 0.58%, while EUR/GBP dipped 0.21% to 0.8926.
USD/CAD traded roughly flat at $1.2520, after an uptick in oil prices failed to support a move higher in the loonie.
USD/JPY rose to Y111.44, up 0.24%.