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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The greenback seems to be maligned this week. The exodus from the USD can be attributed to a pullback in the Fed’s rate hike projection, which was revealed in the FOMC meeting minutes on Wednesday. The market was already pricing in a weak USD ahead of the release, and although there was extension of a USD-softness afterwards, we did see the decline slowdown. The Jobless claims data today could provide an initial impetus to shift market focus toward improvements in jobs data…

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