Dollar gains on U.S. positive economic data

08:30, January 21, 2011      

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The U.S. dollar gained against its major counterparts in late New York trading on Thursday as U.S. positive economic data suggested a picking-up in recovery, while growing confidence in Europe's ability to unburden the debt problems lifted the euro.

The U.S. dollar has struggled against major currencies in recent weeks. Some analysts said that the signs of stronger U.S. growth may enable a near-term dollar rally.

The Labor Department said, the new claims for jobless benefits dropped sharply to 404,000 from a revised 441,000 last week. The decline was more than expected and also the biggest since February, a positive sign for the economy.

Meanwhile, home sales seemed to pick up. The National Association of Realtors said that sales of previously owned homes increased 12.8 percent to a seasonally adjusted annual rate of 5. 28 million units in December 2010, the strongest sales pace since last May.

In late Thursday trading, the dollar climbed to 83.04 Japanese yen from 82.06, rose to 0.9679 from 0.9550 against Swiss francs, and rose to 0.9976 from 0.9960 Canadian dollars. And the British pound slipped to 1.5910 dollars from 1.5990 .

But the euro rose to 1.3469 dollars from 1.3465.

Source: Xinhua
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