The greenback was in the Thursday session, higher against the yen while slumping against the Australian dollar. Yesterday’s FOMC policy statement propped up the dollar on improved sentiment over the economic outlook. The Fed expressed optimism that the US economic recession may be moderating. The calendar today saw better than expected US reports, with weekly jobless claims declining to 631k versus an upwardly revised 645k a month earlier and Chicago PMI jumping to 40.1 in April, up from 31.4 in March.
US data slated for release on Friday consists of April University of Michigan consumer confidence, March factory orders and April ISM manufacturing. The final reading for the University of Michigan consumer sentiment in April is estimated to stand pat at 61.9. Factory orders are expected to post a 0.6% decline versus a 1.8% increase a month earlier. Lastly, the April manufacturing ISM is seen improving to 38.4 from 36.3 in March while the prices paid component is expected to edge up to 34.0 from 31.0.
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