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U.S. dollar gains amid dismal data, Fed comments

Xinhua News,NEW YORK
2020-05-15 03:37

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NEW YORK, May 14 (Xinhua) -- The U.S. dollar strengthened in late trading on Thursday as market participants digested the latest report on U.S. jobless claims and Federal Reserve Chairman Jerome Powell's comments on the economy.

The dollar index, which measures the greenback against six major peers, was up 0.23 percent at 100.4796.

In late New York trading, the euro decreased to 1.0782 U.S. dollars from 1.0815 dollars in the previous session, and the British pound fell to 1.2193 dollars from 1.2218 U.S. dollars in the previous session. The Australian dollar decreased to 0.6430 U.S. dollar from 0.6440 dollar.

The U.S. dollar bought 107.23 Japanese yen, higher than 106.99 Japanese yen of the previous session. The U.S. dollar rose to 0.9744 Swiss franc from 0.9723 Swiss franc, and it was down to 1.4073 Canadian dollars from 1.4108 Canadian dollars.

U.S. initial jobless claims totaled 2.981 million in the week ending May 9, the Department of Labor reported Thursday, following 3.176 million the prior week.

Powell on Wednesday said the COVID-19 crisis raises "long-term concerns," warning that a prolonged recession and weak recovery could lead to an extended period of low productivity growth and stagnant incomes.
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