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.
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