The dollar is climbing against all of its major rivals Thursday afternoon. Investors are looking forward to the release of the U.S. employment report for April tomorrow. The highly anticipated report could have a significant impact on the outlook for whether the Federal Reserve will raise interest rates at its next meeting in June.

The Labor Department report is expected to show an increase of about 200,000 jobs in April, while the unemployment index is expected to edge down to 4.9 percent.

First-time claims for U.S. unemployment benefits rose by more than expected in the week ended April 30th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 274,000, an increase of 17,000 from the previous week's unrevised level of 257,000. Economists had expected claims to inch up to 262,000.

The European Central Bank said the economic recovery is expected to proceed on domestic demand and investment but cautioned that the recovery is weighed down by the ongoing balance sheet adjustments.

"Domestic demand, in particular, continues to be supported by the ECB's monetary policy measures," the bank said in its economic bulletin published Thursday.

Their favorable impact on financing conditions and improvements in corporate profitability underpin investment. At the same time, accommodative monetary policy stance and employment gains together with low oil prices lift disposable income of households.

Nonetheless, the bank said the recovery is still dampened by the balance sheet adjustments in a number of sectors. The risks to the euro area growth outlook still remain tilted to the downside.

The dollar has risen to nearly a 1-week high of $1.14 against the Euro Thursday afternoon, from around $1.15 this morning.

The buck has climbed to around $1.4465 against the pound sterling, from an early low of $1.4528.

The U.K. service sector activity expanded at the slowest pace in more than three years in April largely reflecting economic uncertainty ahead of the referendum on EU membership, survey data from Markit showed Thursday.

The Chartered Institute of Procurement & Supply/Markit services Purchasing Managers' Index fell more-than-expected to 52.3 in April from 53.7 in March.

The greenback reached a high of Y107.487 against the Japanese Yen Thursday, but has since eased back to around Y107.245.

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