Dollar Slides Against Pound, Yen (UUP, FXB, FXY)

The dollar slid against most major currencies Thursday morning, as markets digested new economic data from around the world. The PowerShares US Dollar Index UUP is down 0.25% in early trade, to $23.85. The U.S. Labor Department reported today that initial claims for jobless benefits rose to 500,00 in the latest week. Markets were expecting claims of 476,000. Stronger-than-expected United Kingdom retail sales data lifted the British Pound Sterling against the dollar. The Pound rose to $1.565 in morning trade, and the CurrencyShares British Pound Sterling Trust FXB is up 0.3%, to $155.83. "The UK numbers have boosted sentiment a little, but generally the mood in the market seems slightly on the pessimistic side and people are inclined to push the euro lower," said Gavin Friend, currency strategist at nabCapital told Reuters. Investors are also keeping a close eye on developments in Japan. A meeting between Prime Minister Naoto Kan and Bank of Japan Governor Masaaki Shirakawa is expected on Monday, where the two will discuss potential solutions to Japan's strengthening Yen. According to a Reuters report, "Japan's Sankei newspaper said on Thursday the BOJ has started considering additional monetary easing steps in line with government efforts to support the Japanese economy." "There was a lot of speculation about whether the BoJ would hold an emergency meeting. It didn't happen but there is still tension and nervousness about what action the BoJ could take," Niels Christensen, currency strategist at Nordea in Copenhagen told Reuters. The CurrencyShares Japanese Yen Trust FXY is up 0.23%, to $116.12.