Dollar Ekes Out Advance vs. Euro
Jun 20th, 2008 | By Doug Casey | Category: US Dollar & Forex TradingIn the currency market, the dollar edged higher against the euro. Late Thursday, the euro was trading at $1.5503 vs. $1.5525 on Wednesday.
The buck garnered some support after the Labor Department said applications for first-time jobless benefits dropped to a two-week low of 381,000 for the week ended June 14.
However, that drop was tempered by a two-month high in the four-week average of initial claims. That number, which tends to smooth out one-time anomalies, ticked upwards, to 375,250, last week.
The average is at a new cycle high, noted Ian Shepherdson of High Frequency Economics. “This is recession territory, at least if the experience of 2001 is a guide,” Shepherdson wrote.
In early March 2001 — the first month of the last recession — the eight-week average of claims was just 362,000, lower than it is now, and it rose rapidly thereafter. “The pace of layoffs is now quite high, with no prospect of any reversal or even a leveling-off in the near future,” wrote Shepherdson.
The number of persons continuing to collect unemployment benefits fell back to 3.06 million in the week ended June 7, a drop of 76,000. Although it’s at the lowest level since April, it still far exceeds the year-ago mark of 2.52 million.
Source: Dollar Ekes Out Advance vs. Euro
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