WASHINGTON (dpa-AFX) - The dollar is rising against its major European rivals Thursday afternoon, following the release of a slew of economic reports this morning. Traders have also reacted positively to the news that President Donald Trump has appointed financial television commentator Larry Kudlow as his top economic adviser, a week after Gary Cohn announced his resignation.
Kudlow has been a regular outside adviser to the president, but labeled his steel and aluminum imports tariffs as tax hikes and prosperity killers.
First-time claims for unemployment benefits in the U.S. edged lower in the week ended March 10th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dipped to 226,000, a decrease of 4,000 from the previous week's revised level of 230,000.
Economists had expected jobless claims to slip to 226,000 from the 231,000 originally reported for the previous week.
A report released by the Labor Department on Thursday showed import prices in the U.S. increased by more than expected in the month of February.
The Labor Department said import prices rose by 0.4 percent in February after climbing by a revised 0.8 percent in January.
Economists had expected import prices to edge up by 0.2 percent compared to the 1.0 percent jump originally reported for the previous month.
The report also said export prices increased by 0.2 percent in February after rising by 0.8 percent in January. Export prices were expected to rise by 0.3 percent.
Business activity in the New York manufacturing sector grew robustly in the month of March, the Federal Reserve Bank of New York revealed in a report on Thursday.
The New York Fed said its general business conditions index climbed to 22.5 in March from 13.1 in February, with a positive reading indicating growth in the manufacturing sector. Economists had expected the index to edge up to 15.0.
Growth in the Philadelphia manufacturing sector slowed in the month of March, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity fell to 22.3 in March from 25.8 in February, although a positive reading still indicates growth in the manufacturing sector. Economists had expected the index to drop to 23.0.
Homebuilder confidence in the U.S. saw a modest decrease in the month of March, according to a report released by the National Association of Home Builders on Thursday.
The report said the NAHB/Wells Fargo Housing Market Index edged down to 70 in March from a revised 71 in February. Economists had expected the index to dip to 71 from the 72 originally reported for the previous month.
The dollar has climbed to around $1.23 against the Euro Thursday afternoon, from an early low of $1.2383.
France's consumer price inflation eased slightly as initially estimated in February, latest figures from the statistical office Insee showed Thursday. Consumer price inflation slowed to 1.2 percent in February from 1.3 percent in the previous month. The rate was forecast to rise to 1.4 percent.
The buck has risen to around $1.3935 against the pound sterling this afternoon, from an early low of $1.3988.
The greenback slipped to an early low of Y105.782 against the Japanese Yen Thursday, but has since risen to around Y106.125.
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