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19 Sep 2013
Useless US jobless numbers from BLS, EUR/USD unchanged
FXstreet.com (London) - US Initial Jobless claims came through to show 309k, but once again, numbers were rendered useless by two states failing to report, as they have yet to complete updates to their computer systems. Colorado and Nevada are still in the process of implementing changes, leading to a backlog in processing claims.
This is a repeat of the problems which last week caused numbers to fall from 323K to 292K, on expectations of 330K.
Amusingly, given the completely unreliable numbers, there was still some market reaction, with a burst of gold selling on “strengthening US labour market data”, before reverting from the folly.
It is estimated that it might take another week or two for the two states to address the claims backlog.
EUR/USD is currently at USD1.3554 after yesterday’s sharp rally on news that the Fed would not be tapering its monthly $85bn asset purchase programme.
This is a repeat of the problems which last week caused numbers to fall from 323K to 292K, on expectations of 330K.
Amusingly, given the completely unreliable numbers, there was still some market reaction, with a burst of gold selling on “strengthening US labour market data”, before reverting from the folly.
It is estimated that it might take another week or two for the two states to address the claims backlog.
EUR/USD is currently at USD1.3554 after yesterday’s sharp rally on news that the Fed would not be tapering its monthly $85bn asset purchase programme.