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Dollar rises against major currencies

05-04-2012 09:08 BJT

NEW YORK, May 3 (Xinhua) -- The U.S. dollar rose against the major currencies on Thursday as cautious investors flew into "safe haven."

Risk appetite remained low as the bulk of U.S. economy slowed sharply in April. On Thursday, the Institute for Supply Management non-manufacturing composite index slowed to 53.5 from a very strong 56.0 in March, worse than expected. The retails sales also slowed in April.

The Labor Department said the initial jobless claims dropped 27, 000 to a seasonally adjusted 365,000 last week, far more than economists had expected. But investors remained cautious as they were waiting for April's payroll report scheduled on Friday.

The euro was pressured although the European Central Bank kept rates unchanged at 1 percent and ECB's president Mario Draghi gave better-than-expected assessment about euro zone's economy. Spain was still investors' main concerns as its borrowing costs jumped at bond auction. Worries about Madrid's economic outlook pressured the euro.

In late Wednesday trading, the euro declined to 1.3151 dollars from 1.3162 dollars. The dollar rose to 0.9887 Canadian dollars from 0.9866, and gained to 0.9135 Swiss francs from 0.9132. The British pound fell to 1.6181 dollars from 1.6197.

The dollar bought 80.29 Japanese yen, higher than 80.17 in the previous session.

Editor:Wang Lingfei |Source: Xinhua

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