Sterling canceled losses versus the dollar to trade little changed thanks to stronger equity markets which fueled demand for higher risk currencies. A Bank of England report out Wednesday suggesting a recovery will take longer than previously thought, had continued to dampen demand for the pound. The yen, which has done well out of safe-haven flows the past few days, gave back some of its gains.
A US jobs report revealing initial weekly jobless claims hit their highest since April and in-line producer prices data had failed to do much to the US currency. (source: sharecast and bloomberg.com)
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