Summary The dollar strengthened Thursday after a positive US jobless claims report.
NEW YORK (AFP) - The dollar strengthened Thursday after a positive US jobless claims report raised hopes for a solid April labor market report.
The dollar rebounded from a swoon Wednesday that in part was due to disappointing private US hiring data. On Thursday, the weekly US unemployment claims report came in strongly positive, with the moving average falling to a 15-year low
Markets were geared up for the Labor Department s jobs report Friday to gauge whether the economy is strong enough for the Federal Reserve to begin raising ultra-low interest rates.
Economists expected the Labor Department will report the economy added 218,000 jobs in April, picking up from a tepid 126,000 in March, with the unemployment rate dipping a tenth point to 5.4 percent.
"After last month s major disappointment in job growth, economists are looking for a strong rebound in April," said Kathy Lien of BK Asset Management.
"While we are optimistic and believe that the labor market recovered last month, the leading indicators that we typically track ahead of payrolls provides some cause for concern."
The pound, meanwhile, rose against the euro and dollar as Britain went to the polls in a tight election race.
British Prime Minister David Cameron s Conservatives were expected to win 316 seats, short of the required majority of 326 and ahead of center-left Labour on 239, according to an exit poll late Thursday.
