US jobless claims at 287K, moving average at 8 year
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US jobless claims at 287K, moving average at 8 year

More good news from the US job market. The number of claims stays low at 287K, down 1K from a revised 288K last week. The four week moving average tells a better story: it is now at the  lowest since February 2006.

The US dollar edges higher, managing to lick its wounds from the FOMC meeting.

EUR/USD hit a daily low of 1.2718, GBP/USD dropped under 1.6180, USD/JPY reached towards 107.85, USD/CAD rose to 1.1120 and AUD/USD dipped below 0.8840.

Also continuing claims continue going in the right direction:  2381K vs. Exp. 2410K and pushing lower and lower.

The number of initial unemployment claims was expected to stand at 291K this week after 287K last week (before revisions). These are low levels that paint a  bright picture for the US economy.

Just before the publication, the US dollar slightly recovered, with EUR/USD falling below 1.2750, GBP/USD below 1.62, USD/JPY above 107.70, USD/CAD at 1.1120 and AUD/USD around 0.8865.

Contrary to the various positive employment figures that lifted the dollar, the worries seen from the FOMC meeting minutes hit the dollar hard. The Fed is  concerned about global growth and about the strength of the US dollar.

Here is the preview:  EUR/USD: Trading the US Unemployment Claims

We have two FOMC members speaking later on. In addition, ECB president Mario Draghi is set to give an interesting speech at 15:00 GMT.

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.