Dollar edges up
Jobless claims in the US have risen by 576,000 in the week to August 15. This was more than expected by markets and served to strengthen the US dollar, as investors flocked to the safe haven currency. US exchange rates climbed against the euro, pound, Swiss franc and Canadian dollar.
Results of the Philadelphia Fed manufacturing survey caused the dollar to pare some of these gains, as the index unexpectedly turned positive in July. This is the first time in more than a year that manufacturing has expanded, rising to 4.2 in August and is important as a snapshot for the national industry. The Fed's "cash for clunkers" plan has helped to kickstart the automobile industry.
US exchange rates are currently trading at EUR0.7023 and GBP0.6061.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.