08:52 AM EDT, 06/06/2024 (MT Newswires) -- The US dollar ebbed from session highs against major currencies like the Japanese yen, British pound sterling and Canadian dollar on Thursday after weekly unemployment claims rose further than was expected and the trade deficit deepened.

USD/JPY fell further from session highs around 156.35 while GBP/USD recovered further off session lows around 1.2763 and USD/CAD slipped from highs around 1.3697 after the Department of Labor said initial claims were 229,000 last week.

That was up from 221,000 previously and ahead of the consensus for a 220,000 increase, while the trade in goods and services deficit also deepened after imports rose further than exports in April.

The trade deficit deepened to $74.6 billion, from $68.6 billion, though this was not as large as the $76.1 billion deficit expected.

Separately, the Bureau of Labor Statistics said non-farm productivity rose 0.2% in the first quarter, in line with expectations, and that unit labor costs rose by 4%. The latter was below the consensus, which had looked for a 4.9% increase.

Most major US dollar pairs ebbed from session highs following the releases but this took place amid a rally by the euro, which climbed broadly after the ECB cut interest rates in line with expectations but gave no timeline for further cuts up ahead.