Euro dips against US dollar yesterday

The euro dipped by 0.41 cents (0.29%) against the US dollar yesterday to finish the day at $1.3898.

• In early trading yesterday, the dollar fell against the single currency after the latest Philadelphia Fed survey came in above expectations and much less negative than the month before. The index of business conditions in the US Mid-Atlantic region was -2.2 this month, well ahead of last month’s -22.6, prompting increased demand for riskier currencies like the euro as investors speculated that the world’s largest economy could be on the cusp of recovery.
  
• However, US Unemployment Claims figures released mid-afternoon stifled this optimism as they came in worse than the month before, prompting investors to head back to the safe-haven of the greenback. Jobless claims stood at 608k in May.
  
• In trading so far today, the euro has risen against the dollar as traders consider the economic releases out so far this week.
  
• There are no major announcements due in the eurozone or US today.