Dollar Slightly Lower
May 15th, 2009 | By Doug Casey | Category: US Dollar & Forex TradingIn the currency market, the dollar slipped against the euro. Late Thursday, the euro was trading at $1.3633 vs. $1.3597 on Wednesday.
The number of the day came from the Labor Department, which reported that initial jobless claims rose 32,000 to a seasonally adjusted 637,000 in the week ended May 9. That was the highest level since mid-April.
Labor also said the four-week average of new claims rose by 6,000 to 630,500, also the highest level since April 18. The four-week average is considered a more reliable figure because it smoothes out distortions caused by anomalies.
Obviously, “the labor market is not responding to the so called ‘Green Shoots’,” wrote Steve Ricchiuto, chief economist at Mizuho Securities. And the layoffs at Chrysler are likely not even factored in yet.
April wholesale inflation data were in line with expectations. The figures showed a 0.3% monthly rise in the producer price index. Core PPI, which excludes food and energy prices, rose 0.1%.
“Concern over U.S. data quickly faded as market sentiment quickly reasserted its dominance over fundamentals,” wrote Michael Woolfolk, of the Bank of New York Mellon (NYSE:BK).
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.