"What we're seeing in foreign-exchange markets is strong demand for the U.S. dollar"
- Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA
Latest US initial unemployment claim data was released yesterday – 370 000 Americans demanded their jobless benefits last week versus a 368 000 consensus forecast. The Labor Department revised the previous reading up to 370 000 from 368 000. EUR/USD gained 30 pips after the news release, but the increase was soon erased by a bearish correction.
The labour market stagnation slightly impacted the major stock indexes with DJIA, S&P 500 and Nasdaq 100 futures declining by 9, 2 and 5 points, respectively. "This is just a steady moving along; claims are not getting worse at least," Yelena Shulyatyeva, a U.S. economist at BNP Paribas in New York.
Yelena Shulyatyeva, who had precisely forecast the number of unemployment claims, announced that higher hiring numbers are essential for job market rebound.
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