The dollar index (DXY00) Thursday rose by +0.16%. The dollar recovered from early losses and moved higher Thursday after T-note yields climbed on signs of strength in the US economy when weekly jobless claims were unchanged. Also, the April Philadelphia Fed business outlook survey unexpectedly rose to a 2-year high. Weakness in stocks Thursday boosted liquidity demand for the dollar. The dollar extended its gains based on hawkish comments from NY Fed President Williams and Atlanta Fed President Bostic, who both reiterated the recent theme that the Fed is in no hurry to cut interest rates.
US weekly initial unemployment claims were unchanged at 212,000, showing a stronger labor market than expectations of an increase to 215,000.
