No surprises: US jobless claims dropped from 276K to 271K as predicted. Continuing claims stand at 2.175 million, within expectations. The 4 week moving average stands at around 270K, slightly higher than last week, but nothing earth shattering.
Will OK news continue serving as good news for the US dollar?
US jobless claims were expected to stand at 271K, a slide from last week’s 276K (before revisions). Continuing claims carried expectations for 2.17 million, slightly below 2.174 seen beforehand.
The US dollar remained on the back foot after the FOMC meeting minutes that didn’t reveal anything new. and basically left rate hike expectations unchanged.
Jobs have generally been the stronger side of the Fed’s dual mandate, while inflation lagged behind.
Later today we have the Philly Fed Manufacturing Index, which is an early indicator for November. In addition, the CB Leading Index will also be released.
More importantly, we have a few Fed speakers later on: Lockhart, which is a moderate hawk, and Stanley Fischer, No. 3 at the Federal Reserve, the Vice Chair.