Dollar Lifted By Decline In US Initial Jobless Claims

Dollar Lifted By Decline In US Initial Jobless Claims

By: Oliver Miller | Where To Trade | On:30-04-2015 12:14
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Key Highlights

  • US Dollar managed to regain some strength in the near term after the US Initial Jobless Claims managed to decline to the lowest levels in 15 years.

  • US Initial Jobless Claims released by the US Department of Labor dived from the last revised reading of 296K to 262K.

  • Canadian Gross Domestic Product released by the Statistics Canada posted no change, compared to the forecast of a 01% decline in Feb 2015, compared to the preceding month.

  • US Continuing Jobless Claims also exceeded the forecast and registered a reading of 2.253M.

Key Releases:

US Initial Jobless Claims (US Dollar)

Canadian GDP (Canadian Dollar)

US Continuing Jobless Claims (US Dollar)

US Initial Jobless Claims

Earlier during the NY session, the Initial Jobless Claims, which is the number of people filing first-time claims for state unemployment insurance was released by the US Department of Labor. The market was expecting a decrease in the Jobless Claims by 2K from 295K to 290K in the week ending April 15 in terms of the advance figure for seasonally adjusted. However, the result was well above expectation, as the US Initial Jobless Claims declined to a low of 262K. The 4-week moving average is now at 283,750 lower by 1,250, compared to the previous week's revised average of 285,000.

The US Continuing Jobless Claims were also on the lower side, as it declined to 2.253M, which was less than compared to the expectation of 2.300M. The last reading was revised up to 2.327M. The 4-week moving average is now at 2,229,750, which is 18,500 less than the previous week's revised average.

Considering the unadjusted data, the advance number of actual initial claims came in at 250,815 in the week ending April 25.

Canadian GDP

In Canada, the Gross Domestic Product was released by the Statistics Canada, representing the total value of all goods and services produced by Canada. The market was expecting a decline of 0.1% in Feb 2015, compared to the preceding month. However, the outcome result was a bit better, as the Canadian Gross Domestic Product remained flat at 0%.

Market Reaction

There is a major release today, as the Board of Governors of the Federal Reserve will announce the interest rate, which is likely to cause a lot of moves in the US dollar.

Futures for the Dow Jones Industrial Average continued to stay in red and fell by 50 points to 17,983 and the S&P 500 index declined to 2,099.

 

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Oliver Miller

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