USD Shrugs off Soft Data

The dollar was initially softer against the euro and yen in the Thursday session following soft US economic reports earlier in the morning.

Weekly jobless claims increased to 371k, versus 365k in the previous week.

The NY Fed manufacturing survey deteriorated to a reading of minus 3.23 in May, versus 0.63 in April.

Meanwhile, industrial output in April declined by more than expected, posting a 0.7% decline versus a 0.3% increase while capacity utilization fell to 79.7% from 80.5% a month earlier.

The May Philadelphia Fed business index improved to -15.6, better than estimates for an improvement to -19.0 from -24.9 from April.

The economic calendar for Friday consists of April building permits, housing starts, and the May University of Michigan sentiment survey.

The euro climbed above the 1.55-level overnight, rising to 1.5546 against the greenback. The catalyst for the move higher was better than expected economic reports from the Eurozone.

 

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