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US jobless claims drop to 232K, Philly Fed leaps to 38.8

The US job market continues looking good: a drop to 232K this week, one of the lowest levels in recent months. The Philly Fed Manufacturing Index also provided a beat: a score of 48.8 points, around double the early expectations.

The US dollar is bouncing on the news, but politics play a bigger role in market movements.

US jobless claims were expected to  tick up from 236K to 240K in the weekly barometer of the labor market. The Philly Fed Manufacturing Index for May carried expectations for a  drop from 22 to 19.5 points.

The US dollar is back on the back foot. New revelations about the Trump team’s relations with Russia weighed on the greenback.  Earlier, the announcement about a special counsel helped calm markets for a while.

USD/JPY best reflects the ebb and flow regarding the mood.  In addition to the dollar moving with the political mood, the yen is a safe haven currency.

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.