US jobless claims drop to 340K as expected


US jobless claims dropped to 340K, within expectations. They were expected to continue sliding back towards the previous levels, and dip to 339K from 350K last week (before revisions). Continuing claims were expected to remain mostly unchanged at around 2.87 million and the actual number was 2.88 million, also within expectations. The effects of the government shutdown and the computer issues in California are still affecting the data, which has been recently taken with a grain of salt.

Before the publication: EUR/USD traded on low ground, at 1.3640, GBP/USD at 1.6040 and USD/JPY at 98.25. Currencies seem unaffected by the publication.

The markets are still digesting the Fed decision yesterday. The central bank didn’t change policy. This was widely expected. However, it did leave the door open to tapering in December and didn’t mention tighter financial conditions. The seemingly hawkish stance gave a boost to the greenback.

The biggest “victim” was the euro, which received a long list of weak economic data: a big fall in inflation, to an annual level of 0.7%. The ECB could act sooner than later.

Further reading: ADP Non-Farm Payrolls disappoint: 130K

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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.


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