Dollar buoyed by Greece jitters

By Ben Rooney, staff reporter

NEW YORK ( -- The dollar rose against the euro Thursday on renewed concerns about the fiscal meltdown in Greece and a surprise jump in U.S. jobless claims.

What prices are doing: The dollar was up 0.6% versus the euro at $1.3573. The greenback fell 0.2% against the U.K. pound at $1.5495 and slipped 0.2% versus the yen to ¥93.06

What's moving the market: The dollar remained firm after the government said the number of Americans filing first-time claims for unemployment benefits rose last week.

There were 484,000 initial jobless claims filed in the week ended April 10, up 24,000 from 460,000 the previous week, according to the Labor Department's weekly report.

Economists surveyed by expected new claims to fall to 440,000 in the week. The number of new claims was the highest since the Feb. 20 week, when initial claims totaled 486,000.

Meanwhile, the euro came under pressure as yields on Greek bonds spiked on speculation that a sale of U.S.-dollar-denominated bonds Athens plans to hold later this month could be smaller than anticipated.

The report revived lingering worries that Greece will require more aid from the European Union and International Monetary Fund to stave off a possible default.

Concerns about Greece were tempered earlier this week after EU officials announced a plan to provide an additional $40 billion in low-cost loans for the debt-stricken nation. The International Monetary Fund agreed to kick in $13.5 billion.

But the outlook for Greece remains fraught and investors tend to punish the euro and other investments that are considered high risk whenever the nation's plight is in the news.

Elsewhere, a report from China's National Statistics Bureau said the nation's economy expanded 11.9% in the first quarter of 2010. China's gross domestic product, the broadest measure of economic activity, rose 1.2% from the fourth quarter of 2009.

What analysts are saying: Sacha Tihanyi, currency strategist at Scotia Capital, said the market's muted response to China's robust economic growth was surprising.

The euro and other major European currencies are being battered by concerns about Greece's ability to raise financing without assistance from its neighbors or the IMF, he said.

"Though it seems that greater clarity is in place following the weekend announcement of the bailout package details, it is difficult to find a justification to buy a currency that would see a member state require emergency financing to avoid default," Tihanyi wrote in a research report.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET


Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.