A small disappointment in the weekly jobless claims figures: the number of unemployment claims remained unchanged at 245K. Continued claims are slightly higher: 1.943 million. The goods trade balance also fell short of expectations, with a slightly wider-than-expected deficit of 69.7 billion. Wholesale inventories are up by 0.7%, marginally above predictions.
The US dollar ticked a bit lower in the immediate aftermath, but never went anywhere fast. The pressure continues.
Later, at 14:45, we will get the Chicago PMI, with expectations standing at a minor slide from the highs of 63.9 to 62.2 points. This will be the last US economic indicator published in 2017.
Cryptocurrencies are falling quite significantly, with one stand-out: Ripple. Here are 3 reasons for the Ripple price rally.
The US was expected to report a small slide in weekly jobless claims: 240K in the final report published in 2017 after 245K last week (before revisions). The goods trade balance was predicted to show a slightly narrower deficit of 67.7 billion after 68.3 billion last time. Wholesale inventories carried expectations for a rise of 0.4% after falling 0.5% last time.
Despite the festive holiday mood and low liquidity, foreign exchange markets are moving and the trend is clear for the dollar: down.
This seems like an end-of-year movement and perhaps an extension of profit taking that was related to the successful passage of tax reform.
