The dollar has given back its early gains against its major European rivals Thursday, after some dovish comments from European Central Bank President Mario Draghi. The U.S. currency has also bounced back from its early weakness against the Japanese Yen as investors cautiously vacate safe havens amidst today's recovery in equities. The reversal has brought the buck back to nearly unchanged for the session.

On the U.S. economic front, first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended January 16th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 293,000, an increase of 10,000 from the previous week's revised level of 283,000.

The increase came as a surprise to economists, who had expected jobless claims to drop to 275,000 from the 284,000 originally reported for the previous week.

Manufacturing conditions in the Philadelphia region contracted modestly in January, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its diffusion index for current activity increased to a negative 3.5 in January from a negative 10.2 in December, although a negative reading indicates a contraction in regional manufacturing activity.

Despite the increase, the index remained negative for the fifth consecutive month. Economists had expected the index to rise to a negative 4.0.

European Central Bank President Mario Draghi said on Thursday that there were no limits on what policy tools the bank can deploy to achieve its inflation goal and to boost euro area growth, and hinted that more stimulus measures may come in March as the downside risks such as global uncertainty, market volatility and geopolitics have increased.

Draghi pointed out that the downside risks have increased as the year began, amid heightened uncertainty about emerging market economies' growth prospects, volatility in financial and commodity markets, and geopolitical risks. Further, he said euro area inflation dynamics continue to be weaker than expected.

"It will therefore be necessary to review and possibly reconsider our monetary policy stance at our next meeting in early March, when the new staff macroeconomic projections become available which will also cover the year 2018," Draghi said in his introductory remarks at the customary post-decision press conference in Frankfurt.

Responding to reporters' questions, Draghi said the bank has several policy tools at its disposal and there was "no limit" as to what it can do in achieving its inflation and growth objectives. He also said that the ECB was willing and determined to use its policy tools when needed.

The European Central Bank left its interest rates unchanged on Thursday as policymakers wait to measure the impact of the December stimulus measures as a further slowdown in the emerging markets and the free fall of oil prices have complicated the picture.

The 25-member Governing Council, which met in Frankfurt, left the main refinancing rate unchanged at a record low 0.05 percent.

After a 10 basis points cut in December, the deposit rate was kept at a record low -0.30 percent. The marginal lending rate was retained at 0.30 percent.

The dollar jumped to a 2-week high of $1.0776 against the Euro Thursday morning, but has since eased back to around $1.0885.

French business sentiment remained unchanged in January, monthly survey results from the statistical office Insee showed Thursday.

The business climate index in manufacturing came in at 102 in January, the same reading as seen in December and November. Economists had forecast the index to remain at December's originally estimated value of 103.

The buck rose to a 5-year high of $1.4075 against the pound sterling Thursday morning, but has since retreated to around $1.42.

The house price balance in the United Kingdom ticked up to 50 percent in December, the latest report from the Royal Institution of Chartered Surveyors showed on Thursday. That was in line with expectations and up from 49 percent in November.

The greenback dipped to an early low of Y116.466 against the Japanese Yen Thursday, but has since bounced back to around Y117.500.

Japan's all industry activity decreased at a faster-than-expected pace in November, after rising in the prior month, figures from the Ministry of Economy, Trade and Industry showed Thursday.

The all industry activity index fell a seasonally adjusted 1.0 percent month-over-month in November, in contrast to a 0.9 percent increase in October, which was revised up from 0.9 percent spike reported earlier. Economists had expected a 0.8 percent drop for the month.

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