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US jobless claims rose to 336K. This is a disappointment as they were expected to stand on 329K this time, after hitting a new multi-year low of 323K last week (revised higher from 320K originally reported). Continuing claims also rose: to 2.99 million. They stood on 2.970 million last week, marginally revised higher from 2.696. The 3 million line plays an important role. As the Fed re-iterated the importance of employment data, this weekly publication is of higher importance in recent months.

Prior to the release, EUR/USD bounced off the lows and traded at 1.3320, USD/JPY was at 98.60 and GBP/USD traded around 1.5580. After the release, the dollar is somewhat weaker, with EUR/USD rising to 1.3327, USD/JPY falling a bit below 98.60 and GBP/USD st nearly 1.5590. The moves are not that strong – the disappointment is not that big.

The US dollar enjoyed some strength following the meeting minutes, even though they didn’t reveal anything new. Nevertheless, there is a growing notion that the Fed will announce a tapering of bond buys in its September meeting.

Markit will release its Flash Manufacturing PMI for August at 12:58 GMT. A rise is expected. New home sales will wrap up the list of important events, tomorrow at 14:00 GMT.

Opinion:  Septaper is a close call both for markets and the Fed