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The resurgent dollar matched its 8-month highs versus the euro on Thursday as jobless claims data raised hopes that the US economic recovery is in full swing.
Traders were unimpressed with vague plans on the part of European leaders to prevent Greek debt problems from impacting the euro area.
An informal meeting of the European Union produced a pledge of solidarity with Greece and "determined" measures to defend the eurozone but stopped short of offering financial support to the debt-stricken country.
"Euro area member states will take determined and coordinated action if needed to safeguard the financial stability in the euro area as a whole," the European Union heads of state and government said in the agreed text released at the end of the summit in Brussels.
In a positive sign for the beleaguered labor market, the Labor Department released a report on Thursday showing that first-time claims for unemployment benefits fell by much more than expected in the week ended February 6th.
The report showed that initial jobless claims fell to 440,000 from the previous week's revised figure of 483,000. Economists had been expecting jobless claims to slip to 465,000 from the 480,000 originally reported for the previous week.
The dollar jumped to 1.3595 versus the euro, equaling its highest mark since last spring, which was reached six days ago. By mid-day, however, the dollar leveled off to 1.3640.
While the markets were focused on the euro/dollar pair, the buck was stuck in neutral versus most other majors. The buck continued to hover near Y89.50 versus the yen, with traders unable to settle on which of the safe havens to play.
Against the sterling, the dollar continued this week's run of choppy trading, slipping to 1.5680 compared to last Friday's 8-month high of 1.5533.
The dollar slumped badly versus its Canadian counterpart as resource prices snapped back and data showed the housing market north of the border continues to shape up. The buck tumbled to C$1.0498, its lowest level since January 22.
Canadian new home prices rose for a second month in December, but remain lower on an annual basis, according to official data released Thursday.
Statistics Canada's New Housing Price Index rose 0.4% in December, the same increase as reported in November.
In housing news from the US, foreclosure filings increased 15% in January compared to the previous year, but declined 10% from the previous month, industry data revealed Thursday.
Nevada, Arizona, California, and Florida posted top state foreclosure rates during the month, according to RealtyTrac Inc., an online marketplace for foreclosure properties.
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