WASHINGTON (dpa-AFX) - The U.S. dollar climbed higher on Thursday, recovering from recent losses, lifted by data showing an increase in import prices, and hawkish comments from a couple of Fed officials.
Data from the Labor Department said import prices shot up by 0.9% in April after climbing by an upwardly revised 0.6% in March. Economists had expected import prices to rise by 0.3% compared to the 0.4% increase originally reported for the previous month.
The annual rate of growth by import prices also accelerated to 1.1% in April from 0.4% in March, reflecting the largest over-the-year increase since December 2022.
A separate report released by the Fed showed U.S. industrial production came in unchanged in April after inching up by a downwardly revised 0.1% in March. Economists had expected industrial production to edge up by 0.1% compared to the 0.4% increase originally reported for the previous month.
Data from the Labor Department showed initial jobless claims slid to 222,000 in the week ended May 11th, a decrease of 10,000 from the previous week's revised level of 232,000. Economists had expected jobless claims to fall to 220,000 from the 231,000 originally reported for the previous week.
The dollar was supported by comments from Cleveland Fed President Mester and Richmond Fed President Barkin who said interest rates should stay higher for longer.
The dollar index, which climbed to 104.63 after the release of the latest batch of U.S. economic data, pared some gains later, and was last seen at 104.50, up 0.15% from the previous close.
Against the Euro, the dollar firmed to 1.0869 from 1.0885, and against Pound Sterling, it strengthened to 1.2670, gaining marginally.
The dollar climbed against the Japanese currency, fetching 155.41 yen a unit, compared to 154.89 yen on Wednesday. Against the Aussie, the dollar firmed to 0.6679. Swiss franc was weak at 0.9062 a dollar, and the Loonie weakened to C$ 1.3620 against the greenback.
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