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FX round-up: Dollar rises on jobless claims data

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Date: Friday 25 Apr 2008

LONDON (ShareCast) - The dollar moved ahead against other major currencies as data showed US jobless claims fell sharply.

The Labour Department said unemployment benefits fell by 33,000 last week to 342,000, against expectations of a rise by 3,000.

It posted good gains against the euro, which fell after the German Ifo research institute’s April business climate index slipped to 102.4 from 104.8 in March.

Sterling was up against the euro but down against the dollar after UK retail sales tumbled at their fastest rate since the start of 2007 last month.

Sales fell by 0.4% between February and March, the biggest drop since the 1.7% slide in January last year, reflecting falls in all sectors except household goods stores.

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