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US jobless claims: 276K – better than expected

A  slightly better than expected print in the weekly jobless claims: 276K. The four week moving average is at 275.75K, very close to the current read. Also continued claims beat with 2.196 million. Non-farm productivity has been revised to a drop of 3.1% and unit labor costs to 6.7%.

The US dollar is marginally stronger: EUR/USD is at 1.1312, GBP/USD under 1.5390 and USD/JPY at 124.20.

US weekly jobless claims were expected to stand at 280 this time after 282K last week (before revisions). In addition,  revised  productivity carried predictions for a drop of 2.8% instead of -19.% originally reported, and unit labor costs at 5.8% after 5% was initially printed for the first quarter.

The US dollar has been on the back foot, especially against the euro and the pound, with 1.1320 and 1.54 respectively.

The euro continues enjoying the jump in German bunds that followed Draghi’s relaxed press conference. The dollar suffered the mediocre ISM Non-Manufacturing PMI.

Tomorrow we have the all-important Non-Farm Payrolls. See how to trade the NFP with EUR/USD.

In our latest podcast, we explain the recent USD  rally, what’s ahead and lots more

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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.