U.S. Jobless Claims Fall More Than Forecast

U.S.A Globe

Unemployment claims fell by 23k to 340k last week. The last report showed a significantly higher number than expected at 360k. The 4-week moving average dropped to 339,500 from 340,000. You can find the unemployment claims report here.

Yesterday, Bernanke gave his economic outlook for the U.S. “A premature tightening of monetary policy could lead interest rates to rise temporarily but would also carry a substantial risk of slowing or ending the economic recovery and causing inflation to fall further,” Bernanke said in testimony to the Joint Economic Committee of Congress. Monetary policy is providing “significant benefits,” Bernanke said. (Bloomberg) So, it seems like the monthly $85 billion for quantitative easing will remain for now.

The EUR/USD has been testing the 1.280 level for days. If it breaks through, we could see a continuation to the downside.

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