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Initial Jobless Claims Disappoint, USDJPY Drops to New Lows

Initial Jobless Claims Disappoint, USDJPY Drops to New Lows

Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: USD Initial Jobless Claims (SEP 15) > 382K versus 375K expected, prior revised from 382K to 385K > USDJPY NEUTRAL

The US labor market continues to show signs of erosion between monthly Nonfarm Payrolls reports, with the most up-to-date Initial Jobless Claims reading coming in worse than expected, again. For the week ended September 15, claims came in at 382K, above the expected 375K, and right at the initially reported figure from last week. However, the prior was revised up to 385K, so this week’s figure looks better on the surface; it’s not.

USDJPY 1-minute Chart: September 20, 2012

Initial_Jobless_Claims_Disappoint_USDJPY_Drops_to_New_Lows_body_Picture_1.png, Initial Jobless Claims Disappoint, USDJPY Drops to New Lows

Charts Created using Marketscope – Prepared by Christopher Vecchio

In the wake of the release, the USDJPY had a mixed reaction, initially falling to fresh lows on the session at 78.02, from 78.25 in the minutes leading up to the release. However, with the actual beating the revised prior, the pair has rebounded to 78.14, its last quoted price before the data was released. This data will do little to affect the relatively longer-term USDJPY trend, which has been firmly negative since March.

--- Written by Christopher Vecchio, Currency Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.