FOREX-Dollar hits 3-week high, shrugging off grim U.S. data

(New throughout)
By Gertrude Chavez-Dreyfuss and Kate Duguid
NEW YORK, May 14 (Reuters) - The dollar rose to a three-week
high on Thursday as traders overlooked another week of roughly 3
million new jobless claims, evidence of a second wave of
coronavirus-related lay-offs.
The Japanese yen JPY= and Swiss franc CHF= were both
weaker against the dollar and flat versus the euro, and U.S.
stocks ended the day up, suggesting the dollar's bid was not
part of a broader risk-off move.
The Labor Department's weekly jobless claims report on
Thursday, the most timely data on the economy, supports the
contention that it would take a while for activity to rebound
even as businesses in many states reopen after shuttering in
mid-March as authorities tried to slow the spread of COVID-19,
the respiratory illness caused by the virus. The latest data lifted to 36.5 million the number of people
who have filed claims for unemployment benefits since mid-March,
with more than one in five workers losing their job. Claims will
be closely watched in the coming weeks for signs of whether
companies rehire workers as businesses reopen.
Against a basket of its rivals =USD , the dollar was up
0.20% at 100.37, hitting a three-week high of 100.56 early in
the session.
"The USD shrugged off the higher-than-forecast jobless
claims, and deflationary trade prices, though Wall Street took a
dive, before later turning higher," wrote analysts at Action
Economics.
The euro was down 0.23% against the dollar at $1.079 EUR= .
"Economic fundamentals remain bleak on both sides of the
Atlantic, with markets continuing to look through the data. Big
picture, the pairing remains inside of recent trading ranges,
and until a clearer view of the re-opening of economies becomes
evident, more of the same is anticipated," wrote the analysts.
Earlier in the session the pound GBP= tumbled below the
$1.22 line for the first time in more than five weeks after
Wednesday's data showed Britain's economy shrank by a record
5.8% in March as the coronavirus crisis escalated. It later
recovered, last trading down only 0.06% at $1.222. bid prices at 3:38PM (1938 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar EUR= $1.0794 $1.0816 -0.20% -3.71% +1.0824 +1.0776
Dollar/Yen JPY= 107.3000 107.0200 +0.26% -1.43% +107.3200 +106.7800
Euro/Yen EURJPY= 115.84 115.77 +0.06% -5.02% +115.8600 +115.3400
Dollar/Swiss CHF= 0.9734 0.9719 +0.15% +0.58% +0.9755 +0.9714
Sterling/Dollar GBP= 1.2226 1.2229 -0.02% -7.79% +1.2241 +1.2167
Dollar/Canadian CAD= 1.4043 1.4099 -0.40% +8.14% +1.4139 +1.4043
Australian/Doll AUD= 0.6462 0.6454 +0.12% -7.96% +0.6467 +0.6405
ar
Euro/Swiss EURCHF= 1.0510 1.0517 -0.07% -3.15% +1.0521 +1.0506
Euro/Sterling EURGBP= 0.8830 0.8842 -0.14% +4.41% +0.8870 +0.8827
NZ Dollar/Dolar NZD= 0.5996 0.5990 +0.10% -10.99% +0.6003 +0.5958
Dollar/Norway NOK= 10.1648 10.1643 +0.00% +15.79% +10.2722 +10.1533
Euro/Norway EURNOK= 10.9739 11.0000 -0.24% +11.55% +11.0792 +10.9683
Dollar/Sweden SEK= 9.8160 9.8082 -0.13% +5.01% +9.8938 +9.8089
Euro/Sweden EURSEK= 10.6026 10.6161 -0.13% +1.27% +10.6640 +10.6030