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Jobless Claims Support the Greenback

Jobless Claims Support the Greenback

Gregory Marks,

THE TAKEAWAY: Jobless Claims beat estimates of 330K to come in at 309K-> Last week revised higher to 294K from 292K-> USD Higher

Initial Jobless Claims beat estimates of 330K to come in at 309K, but that print is still higher than the 292K reading last week. With the Fed delaying a reduction in asset purchases until the jobs market improves, indicators such as the weekly jobless claims will continue to remain in focus.

Jobless_Claims_Support_the_Greenback_body_Picture_2.png, Jobless Claims Support the Greenback

Initial Jobless Claims, released on a weekly basis, measures the number of Americans who have filed for unemployment benefits. We can expect to see the greenback strengthen in the coming weeks if this print continues its downward momentum.

Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) (5-Minute Chart)

Jobless_Claims_Support_the_Greenback_body_Picture_1.png, Jobless Claims Support the Greenback

Source: FXCM Marketscope

Although Jobless Claims came in better than expected, the Current Account Balance print was slightly weaker than expected. The deficit reading was surveyed to come in at -$97.0B, but edged up to -$98.9B instead. The Dollar moved higher following the print as we near the open of US equities following record intraday highs for the S&P 500, DJIA and Russell 2000 yesterday.

Gregory Marks, DailyFX Research Team

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