Economics
Dollar Climbs Before Manufacturing, Jobs Reports; Aussie Weakens
This article is for subscribers only.
The dollar strengthened before reports economists said will show manufacturing in the Philadelphia region expanded, while first-time jobless claims were near the lowest since January 2008.
The U.S. currency rose against all its 16 major counterparts after Federal Reserve Bank of Philadelphia President Charles Plosser said he favors phasing out the central bank’s asset purchases. The euro weakened for a sixth day against the greenback, the longest losing streak in 12 months, after a report confirmed consumer-price inflation in the region slowed to the least in three years in April. Australia’s dollar slid to an 11-month low as commodity prices declined.