A big bulk of US figures, led by jobless claims that dropped to 414K, push USD/JPY higher. In other pairs, the dollar also gains, but these rises are limited, as the Greek crisis is in the limelight
US unemployment claims were expected to drop to 421K and dropped to 414K, 16K less than last week’s upwards revised figure. Jobless clams are still above 400K ,but they aren’t returning to the previous high range of above 430K. That’s a comfort and may provide stability in the next Non-Farm Payrolls release.
Building permits rose to an annual pace of 610K, significantly higher than 550K that was expected. A related figure, housing starts, rose to 560K, higher than 540K that was expected. These solid housing figures show the US real estate market isn’t totally dead.
Last but not least, the US Current Account deficit dropped to 119 billion, less than 126 that was expected.
USD/JPY rose up to 80.90. USD/CHF made initial gains but they are erased now. With Euro/Dollar, the story is more complex, as the debt crisis in Europe is now in the limelight.
Later, the Philly Manufacturing index is released – another important US figure. It is expected to rise to 7.1 points from a big drop to 3.9 last month. Here’s how to trade this event with EUR/USD.
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