The US trade deficit widened to 41.8 billion dollars. This will weigh on GDP numbers. It was expected to remain at the same levels seen last month: $38.8 billion (before revisions). Jobless claims were predicted to slide further from 336K to 331K, but they stand at 339K. Last week’s number was revised to 341K. Continuing claims stand at 2.874 million. These are small disappointments.
The dollar is a bit weaker. Towards the publication, EUR/USD was trading in range, at around 1.3440 and it climbs above 1.3450. USD/JPY, which already crossed above 100, dipped below the line and it is now getting further away, at 99.85. GBP/USD was trading at around 1.6040 and advances above 1.6050. — updates coming —
In addition, Non-Farm Productivity was expected to rise by 1.3% but it rose by 1.9, and the unit labor costs by 1.1% but they actually dropped by 0.6%. These numbers point to downwards price pressure.
The big event of the day is the testimony of Fed Chairperson Designate Janet Yellen before the US Senate. He testimony was already released and contained nothing really different than the current policy led by Bernanke.
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EUR/USD Nov. 14 – Edges Lower As Eurozone GDP Data Disappoints
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