Dollar Bouncing Back From Early Weakness Against Euro

29/12/2013 08:17 AST

The dollar is rebounding from some early weakness against its major European competitors on Friday and is maintaining its gains against the Japanese Yen. Equity markets in Europe reopened today, following a 2-day holiday for Christmas, but trading volume remained light. That trend is likely to continue into the next week, with the upcoming New Year's holiday.

Reflecting the volatility seen during the holiday season, the Labor Department released a report on Thursday showing a steep drop in initial jobless claims in the week ended December 21st following the sharp jump seen earlier in the month.

The report said initial jobless claims tumbled to 338,000, a decrease of 42,000 from the previous week's revised figure of 380,000. Economists had expected claims to drop to 340,000 from the 379,000 originally reported for the previous week.

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