The Dollar Rose Against the Yen after U.S. Weekly Claims for Unemployment Benefits Fell

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Dollar Rose Against the Yen

As Reported by Wall Street Journal’s Bradley Davis:

The dollar rose against the yen after U.S. weekly claims for unemployment benefits fell last week, an indication that layoffs may decline again after spiking higher in late April.

The dollar rose above ¥82 for the first time since April 28; the euro, meanwhile, pulled slightly ahead of the greenback, though within its well-worn range, as the better-than-expected data helped improve general investor sentiment.

Initial unemployment-benefit claims decreased by 29,000 to a seasonally adjusted 409,000 in the week ended May 14, the Labor Department said Thursday in its weekly report. The prior week’s figure was revised to 438,000 from an originally reported 434,000.

Economists had forecast claims would fall by 11,000.

Thursday morning, the dollar was at ¥82.02, from ¥81.67 late Wednesday in New York. Earlier, the dollar found support against the yen from news Japan reported overnight a contraction back into recession in the wake of the natural and nuclear disasters there.

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