US Jobless claims came in at 329K. The previous reading was 305K and forecast was for a 309K reading. After a couple week’s of of impressive jobs report, this week’s data disappointed but should not cause that much alarm. After all, the historic chart shows a persistent downtrend in jobless claims since 2009. It looks like a reading below 300K would mark another milestone and can bring in USD-strength. A push above 350K however reflects inability to extend…

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Gold price has been retreating since finding resistance at 1392, the March and 2014-high. There was a rally in the first 2 weeks of April, which was reversed sharply last week. This week, traders continue to shed gold and has now pushed below that March low near 1276 and is cracking the 1270 handle as we get into the 4/24 US session. US data came out mixed with jobless claims at 329K, which was worse than the 305K from the previous week, and the 309K forecast…

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Initial claims for state unemployment benefits ticked up 2,000 to a seasonally adjusted 304,000 for the week ended April 12, the Labor Department said on Thursday, but stayed close to a 6-1/2 year low touched the prior week. Economists had forecast first-time applications for jobless benefits rising to 315,000. The four-week moving average for new […]

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Factory activity in the U.S. mid-Atlantic region expanded in April at a faster clip than expected, a survey showed on Thursday. The Philadelphia Federal Reserve Bank said its business activity index rose to 16.6 from 9.0 in March, topping economists’ expectations for 10.0, according to a Reuters poll. Any reading above zero indicates expansion in […]

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Janet Yellen did not have anything new to add at her speech at the Economic Club of New York. The forex markets did not move on anything she said. Instead it has been stabilizing during the 4/16 US session, after some swings in the earlier part of the global session as can be seen in the USD/JPY. Bearish to Neutral to Bullish: For the USD/JPY, price action during the 4/15 and 4/16 session suggests a bullish outlook…

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U.S. housing starts rose less than expected in March and building permits fell, pointing to underlying weakness in the housing market that could persist despite better weather. The Commerce Department said on Wednesday groundbreaking increased 2.8 percent to a seasonally adjusted annual rate of 946,000. February’s starts were revised to show a 1.9 percent rise […]

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US retail sales for March improved to 1.1%, after an upwardly revised 0.7% in February. The headline reading beat forecast of 0.8%. The core reading – excluding auto – also improved, to 0.7% after a 0.3%, and beat forecast of 0.5%. The headline reading was the best since September 2012, and reflects a rebound from the poor readings during Dec-Feb, winter months. USD/JPY has been trying to stabilized after last week’s decline, and seems to have done so after finding support at 101.31…

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EUR/USD will be starting this week just under 1.39, which acted as resistance to end the week. We also see a slight dip to start the week as the market trades EUR/USD during the 4/14 Asian session. Overbought: The daily stochastic reading is around 90, which is overbought, so we can expect some intra-session bearish attempt. However, the overall bullish trend seen in the daily chart appears intact, and the EUR/USD looks poised to test 1.3966 after resolving the overbought condition…

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