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Lowest US jobless claims since 2008 lift the US dollar

The number of unemployment claims dropped to new lows once again: 323K instead of 333K that was expected. This is lower than 327K seen last week (324K originally reported).

The US dollar was on the back foot before the publication and this announcement helped it recover. EUR/USD fell down to 1.3120 before rebounding. USD/JPY climbed from around 98.70 to 98.90. Update: USD/JPY made a break above 99 and is now trading at 99.15.

The 4 week moving average dropped to 336.75K. Also ongoing claims came out better than expected: with a drop from 3.032 to 3.005 million, better than 3.020 that was estimated.

The good news, together with the positive Non-Farm Payrolls report, give the impression that the souring of the US data was temporary. Indicators were strong early in the year, and then they disappointed. One of the bigger disappointments was the GDP for Q1: an annual growth rate of only 2.5% according to the first release.

More:  Sterling stuck in the middle


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.