Good news from the US job market: jobless claims bear expectations for the second week in a row with 262K, better not only than 275K expected but also exceeding the drop to 269K seen last week. continuing claims stand at 2.273 million. Also the Philly Fed Manufacturing Index beat with -2.8 points instead of -3 expected – a very marginal win, but from a sector that has been missing on expectations and is thought to be in a recession.
The US dollar is slightly stronger after the publications.
US jobless claims were expected to rise from 269K to 275K this week. The numbers have been above 280K for quite a long time and the drop to 269K was certainly a positive. The Philly Fed Manufacturing Index carried expectations for an advance from -3.5 to -3 points, still within negative territory, as is the whole manufacturing sector.
The US dollar was gaining ground against the safe haven euro towards the release, and less so against the yen. The pound was moving higher on the good jobs report yesterday and the advance towards a deal on EU membership. The Aussie dollar was recovering from the lows seen after the miss in the jobs report. The Canadian dollar enjoyed higher oil prices.