Dollar Boosted By Weak China, Europe Data

Dollar Boosted By Weak China, Europe Data
Market News
Like Us On Facebook
Like Us On Facebook

The dollar rose versus most major currencies and pared losses against the Japanese yen Thursday, after U.S. data on jobless claims painted a relatively rosy picture and stood in contrast to weak economic reports out of China and Europe. Also weighing on the euro are renewed concerns about Portugal and Spain’s fiscal challenges.

The ICE dollar index DXY +0.31% , which measures the greenback’s performance against a basket of six other currencies, rose to 79.890 from 79.654 in North American trade late Wednesday.

The euro EURUSD -0.40%  gave up gains scored in the Asian session to fall to $1.3158, off from $1.3205 on Wednesday.

Versus the yen, the shared currencyUSDJPY -0.84%  declined to ¥109.08 from ¥110.27.

The dollar retained gains after a government report showed first-time claims for state unemployment benefits declined a little more in the latest week than analysts had predicted.

Supporting the greenback earlier, the preliminary Markit composite purchasing managers’ index for the 17-nation euro zone unexpectedly fell in March.

“The key question for global markets is whether the U.S. can dance to its own drummer, in the midst of weaker global numbers,” said Alan Ruskin, global head of G-10 foreign-exchange strategy at Deutsche Bank.

The weak overseas data also are keeping U.S. Treasury yields from continuing a march higher, which poses a big threat to the U.S. equity market, he said.

“So ironically, the latest international news may have added a degree of risk protection from a bond blow-out,” he said.

At the same time, European bond yields rose, with yields Italian 10-year notes IT:10YR_ITA +2.08%  topping 5% as Spanish 10-year yields ES:10YR_ESP +2.18%  reclaimed their highest levels since early January.

Portugal’s bond yields also rose as public transport services across the country came to a halt in a nationwide strike to demonstrate that the nation can’t take any further austerity.

“Portugal is on strike against austerity today and Spain is garnering a lot of attention as growth remains weak and concerns remain about its banking sector,” said Kathleen Brooks, research director at Forex.com.

This is especially so as the European Central Bank seems disinclined to hold another unlimited long-term refinancing operation, or LTRO, she said.

A move in Spanish yields above their recent range “could ignite concerns about Europe’s fourth largest economy as it tries to sell 24 billion euros of debt next month,” Brooks noted.

Market Watch

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Preston Waters

Preston Waters is a thinker. He's not your traditional philosophical persona, however, as he leaves no topic untouched. Covering all the bases, from business to women, Preston Waters is the ultimate man's man for Gen-Y.

More In Market News

News Preston Waters

Stocks Off to Stellar Start in May

Stocks were kicking off May in high style Tuesday, posting sharp gains after a much better-than-expected report on U.S. manufacturing activity. The Dow Jones Industrial Average was rising 103 points, or 0.8%, at 13,317, after hitting a four-year high at 13,338. The S&P 500 was up 14 points, or 1%, at 1413, and the Nasdaq was adding 23 points, or 0.7%, at […]

News Preston Waters

Bank Of America, JPMorgan: Dow Midday Movers

U.S. stocks were rising in midday action Tuesday following a better-than-expected read on U.S. manufacturing activity.The Dow Jones Industrial Average was up more than 116 points, or 0.9%, at 13,330. The biggest percentage gainers within the Dow were Bank of America (BAC), JPMorgan Chase (JPM) and Intel (INTC). Shares of Bank of America rose 2.59% to $8.32. The bank said Tuesday it plans to lay […]

News Preston Waters

Monster Stocks Soar Amid Rumors Coca-Cola Is Set To Buy Energy Drink

Monster Beverage Corp’s shares soared on Monday following a report that Coca-Cola Co. was considering buying the energy drink maker. The Wall Street Journal cited unnamed people in reporting that the world’s biggest soft drink maker was in talks to buy Monster. If a deal transpired, Monster would be Coca-Cola’s largest brand acquisition ever. Monster declined […]

News Preston Waters

Stocks Surge After Strong Manufacturing Report

Stocks were surging in morning action Tuesday after a much better-than-expected report on the pace of national manufacturing activity in April.The Dow Jones Industrial Average was rising 80 points, or 0.6%, at 13,294. The S&P 500 was up 12 points, or 0.8%, at 1410, and the Nasdaq was adding 29 points, or 1%, at 3075. Stocks finished modestly lower Monday, marking […]

News Preston Waters

Bank Of America Keeps Shrinking

Bank of America (BAC)’s plan to lay off some of its highest-paid executives looks like the right response to the current banking environment. The Wall Street Journal reported Tuesday the bank will cut 2,000 positions in its investment banking, commercial banking and non-U.S. wealth-management units targeting “the high-earning employees whose efforts helped Merrill Lynch account for the bulk of […]

News Preston Waters

Stock Market Story: May 1

The first trading day of May got off to a mixed start early Tuesday with all three major U.S. equity indices honing to close to the flat line ahead of a key report on the pace of U.S. manufacturing activity in April. The Dow Jones Industrial Average was down 9.5 points, or 0.07%, at 13,204.The S&P 500 was up less than a […]

Also On Elite

World

Hold The Presses! Science Confirms Mozzarella Is The Best Type Of Cheese For Pizza

Food scientists studying the internal and external properties of mozzarella cheese have finally determined why no other cheese tastes anywhere near as good on pizza. According to NPR, a team led by University of Auckland material engineering professor Bryony James cooked a series of pizza pies using several cheeses such as cheddar, Edam and Gruyere. […]

Food

The Oreo Cookie-Dunking Spoon Just Completely Changed The Dessert Game (Video)

Imagine sticking your entire hand into a glass of milk just to dunk your Oreo… Doesn’t that sound a bit dreadful? What if there was a device that made your life a lot easier? Guess what? One actually exists. It’s a spoon-like device that sort of resembles a toothbrush, called the dipr, and it makes dunking […]

Sex

9 Reasons This Generation Is Having So Much Trouble Finding True Love

Some people find it easy to fall in love, others not so much. We tend to fall in love with people who meet a certain criteria in our mind. This subconscious criterion is based on our past experiences, relationship with our parents or events that have happened in our lives. Based on each individual’s subconscious […]

World

Ferguson Cop Who Arrested Reporters Once Hog-Tied And Beat A 12-Year-Old Boy

One of the Ferguson police officers who arrested journalists from the Huffington Post and Washington Post earlier this month once beat and hog-tied a 12-year-old boy for what seems like no reason at all. Officer Justin Cosma refused to give his name or badge number when he detained the reporters working out of a Ferguson […]

Women

15 Terrible Things A Girl Going Through A Tough Breakup Should Never Do

Summer is over and that means your tan isn’t the only thing doing the slow-fade, so is your relationship. If you feel alone, you shouldn’t. Breakups are super trendy right now, and if you throw in lines like “conscious uncoupling” while miming the Jayoncé PR team, you’ll be sure to regain all the friends you […]