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US jobless claims beat with 247K – USD attempts recovery

A small  beat in weekly  unemployment claims: 247K against 255K projected. Last week’s figure was revised from 235K to 237K. Import prices rose only 0.4%.

The US dollar is making an attempt to recover, less on the actual figure but just on the opportunity to pare the losses.

US jobless claims were expected to  rise to 255K from the low of 235K that was recorded last week. Import prices carried expectations for a rise of 0.8% after a slide of 0.3% beforehand.

The US dollar has been on the back foot following Donald Trump’s press conference. The President-Elect did not make any mention of his grand promises to boost fiscal spending, something that has triggered the big dollar rally. However, he did spark worries with fresh  threats for US companies regarding  moving factories outside America. The trade war talk worries markets.

The US dollar dropped on the Donald  and continued lower ever since. EUR/USD is already up over 200 pips from the lows, trading at 1.0660 before the release. GBP/USD was  just under 1.23 from trading at the 1.20 handle. USD/JPY is around 114.

More:  USD: Keep Buying Dips Selectively Ahead Of Trump’s Inauguration – Credit Agricole

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.