Initial Claims fall to 502K vs 510K. Continuing Claims fall too
Initial Claims fall to 502K and Continuing Claims fell to 5631K (vs exp of 5700). Both were better than expectations.
The better data has pushed the EURUSD up to resistance at 1.4935. The USDJPY has continued its move to the upside as well on the flight into risk trades continues.
It will be interesting to see if the better data leads to stock increase and if the EURUSD moves up off of this dynamic. This has been the typical reaction for the pair (rally with the stock market). However, with the talk of a stronger dollar today, will that link be discarded in favor of a stronger dollar/lower EURUSD instead.
The Dow Futures are down 30 points. S&P is up 4.80. A clue will be if the price can remain below the 1.4935 level (see chart above). The 100 hour MA remains as additional upside resistance at 1.4962 but a momentum down would benefit from the market holding resistance at 1.4935 level.
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