Jobless Claims Miss, but Markets Await Yellen
-US Initial Jobless Claims came in weaker than expected at 339K against estimates of 330K.
-The prior print was revised upwards from 336K to 341K.
Initial Jobless Claims came in weaker than expected Thursday morning and contributed to some weakness in Dollar crosses. Claims came in at 339K vs. a 330K estimate while last week’s reading was revised upwards from 336K to 341K. Key US trade balance data also came in worse than expected as did Non-Farm Productivity and Unit Labor Costs.
Initial Jobless Claims, released on a weekly basis, measures the number of Americans who have filed for unemployment benefits. A larger number is viewed as worse and thus greenback negative.
AUD/USD (15-Minute Chart)
Source: FXCM Marketscope
The Dollar did see a bit of weakness following the print, but volatility has remained relatively muted as market participants await a key U.S. Senate confirmation hearing for Ms. Janet Yellen. Price action is likely to remain limited until the hearing begins to get underway at 15:00GMT (10:00EST). Get live updates on Twitter with @DailyFXTeam.
Gregory Marks, DailyFX Research Team
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.