US jobless claims falls to 298K

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Good news from the US: jobless claims drop below 300K once again: a drop of 14K to 298K. Continuing claims stand on exactly 2.5 million, also slightly better than predicted. The 4 week moving average is at nearly 301K, higher than last week, but still low enough and encouraging enough.

The dollar is slightly stronger, on this this marginally better than expected number. Update: the dollar now changes direction and slides a bit. All the moves are minimal. It seems that markets are awaiting Yellen’s big speech tomorrow.

US jobless claims were expected to slide down to 302K after 311K last week (now revised to 312K). In recent months, jobless claims leaned lower and dropped below 300K several times.

The dollar remained on high ground, with EUR/USD around 1.3260, GBP/USD under 1.66 and USD/JPY at 103.80. After an initial rise in the dollar, currencies took the other direction. All in all, moves are minimal.

Here is the preview: trading the jobless claims with EUR/USD.

The US dollar enjoyed the not-too-dovish FOMC meeting minutes. a balance between hawks and doves regarding the jobs outlook is not common in the usually dovish Fed.

The focus now shifts to Janet Yellen’s speech in Jackson Hole, tomorrow at 14:00 GMT.

Will she see the glass half full or the glass half empty?

More: EUR/USD convincingly breaks downtrend support on FOMC minutes

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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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