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24.10.2013 18:20

American focus : the euro rose slightly against the dollar

The dollar fell slightly against the euro, which was associated with the release of weak U.S. employment data . The Ministry of Labor said that the number of initial claims for unemployment benefits , a measure of layoffs, fell from a seasonally adjusted 12,000 to 350,000 in the week ended October 19. Applications for the previous week were revised slightly higher from the initial value . Figures for the last week exceeded economists' expectations at 341,000 new claims . However , there have been the second consecutive decline , indicating that employment in the private sector too has suffered from a 16-day shutdown of the federal government , which began Oct. 1.

The total number of today's report does not include the benefits of federal employees who file for unemployment benefits through a separate program .

Report on Thursday showed that the four-week moving average of claims , which smooths out volatile weekly data , rose by 10,750 last week to 348,250 . Economist of the Ministry of Labour said that the figures in recent weeks have been distorted because of computer problems in California.

The data also showed that the number of continuing claims for unemployment benefits last week fell on October 6-12, 8000 to 2,874 million Continuing claims are available with a lag of one week.

The pound regained previously lost ground against the dollar in anticipation of tomorrow's GDP report Britain. It is expected that the results of tomorrow's GDP report will support the positive tone of the British macro received during the last quarter. Office for National Statistics to report on the economic growth of 0.8% in the 3rd quarter. Yesterday, the Bank of England published the minutes of the meeting , which reflected the confidence of members of the Committee in the growth of the UK , as well as hints to the fact that the data for the 3rd quarter may be stronger than expected.

Note that sterling is surely rise from lows on July 9 at the positive data . However , he may have moved to the overbought territory , and its future growth will be at risk , especially if the statistics of the positive move in neutral , which will increase the downside risks . The further strengthening of the pound is likely to be due to the weakness of the dollar caused by the continuing QE expectations and the likelihood of new problems with the debt ceiling, the U.S., will expire when the period of temporary agreements , namely, February 7, 2014 .

24.10.2013 17:21

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