The Dollar

The dollar was initially softer against the euro and yen in the Thursday session following soft US economic reports earlier in the morning. Weekly jobless claims increased to 371k, versus 365k in the previous week. The NY Fed manufacturing survey deteriorated to a reading of minus 3.23 in May, versus 0.63 in April. Meanwhile, industrial output in April declined by more than expected, posting a 0.7% decline versus a 0.3% increase while capacity utilization fell to 79.7% from 80.5% a month earlier. The May Philadelphia Fed business index improved to -15.6, better than estimates for an improvement to -19.0 from -24.9 from April.