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The number of weekly unemployment claims stand at 387K. Early expectations stood on 381K. This is not the first disappointment in recent weeks.

EUR/USD trades around the 1.2660 line.. USD/JPY is holding on above 80.

Last week, the US initially reported 386K jobless claims. This was now revised to 389K. The moving average is moving higher. They were at a level of around 360K earlier in the year. A level of under 400K is considered to be necessary to keep unemployment from rising.

Economic data from the US remains weak: in most cases in the past two months or so, most of the economic indicators are disappointing. This was NOT enough for QE3 in June, but it keeps the door open for this option in the future.

Two more important figures are released later on: existing home sales and the Philly Fed Index. Will these disappoint as well?