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The dollar gained against the yen Thursday after US data showed signs of a stabilizing labor market and an economy that was gathering momentum, putting the Federal Reserve on track to raise interest rates at least once this year. Following the upbeat US data, the dollar trimmed its losses against the euro, which had earlier climbed to a two-month peak.
That said, the dollar was on track for its worst monthly performance in four years against a basket of six major currencies, with a roughly 3.2 percent loss in April. In contrast, the euro was on course for its strongest monthly showing in four years, rising 3.7 percent.
Data showed the number of Americans filing new claims for jobless benefits tumbled to a 15-year low of 262,000 last week and consumer spending rose 0.4 percent in March, underpinning the dollar. "Markets are responding to the uptick in wage growth and the firmness in jobless claims which are at a 15-year low," said Mark McCormick, currency strategist, at Credit Agricole in New York.
In mid-morning trading, the dollar rose 0.3 percent to 119.44 yen, after earlier falling to a one-month low. The euro advanced 0.4 percent versus the dollar to $1.1171, rising for a third straight day and to a two-month high of $1.1248. Europe's common currency has gained more than 6 percent against the dollar since April 13. The kiwi last traded at US $0.7615, down 0.9 percent, while the Aussie fell 1.5 percent to US $0.7890.

Copyright Reuters, 2015

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