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US jobless claims plunge to 265K – lowest since April

A very positive surprise from the US job market: after long weeks of disappointing numbers, we  now get a fall to 265K. This si the lowest since April 2000 but may have been distorted by the MLK holiday. When the Fed said “strong labor  market”, did they see the numbers? This is a fall of 43K. Continuing claims stand at 2385K. The moving average is down to 298.5K.

Markets are  cautious in the reaction to the data.

The weekly US jobless claims were expected to tick down to 301K from 307K reported last week (before revisions). The previous number was revised up 308K – a minor change.

The US dollar has been on the rise against commodity currencies while mixed against the majors.

Yesterday, the Federal Reserve left the “patience” word intact in its rate statement. There were only  modest differences in the statement, but some of the wording regarding the US economy have been upgraded. For instance, the labor market is now seen as “strong” in comparison” to “solid”.

Later on we have pending home sales from the US.

More:  USD Pullback An Attractive Long-Term Buy – Credit Suisse

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.