Today, June 7th, the U.S. jobless claims weekly report came out; according to the recent weekly update, the number of initial claims decreased for the week ending on June 2nd; the total initial claims fell by 12k and settled at 377,000 claims (seasonally adjusted data), which is lower than the revised figure of 389k claims from last week; the four week average rose to 377,750; the insured unemployment rate remained unchanged at 2.6% for the week ending on May 26th; the number of insured unemployment reached 3,293 thousand, an increase of 34,000 compared with the previous week’s numbers. Finally, the four week average rose by 11,500 to 3,275 thousand.
This news might have some moderate influence on the U.S dollar currency: seeing that it has sharply depreciated in recent days, this news might reverse this trend and help it rally during today’s trading.
Thus, this report might curb the recent decline in the U.S dollar and consequently may adversely affect precious metals prices.
Currently the U.S. dollar is moderately appreciating against many major currencies.
Euros to USD is at 1.2563 as of 15:24*.
British Pound to U.S. dollar is traded at 1.5567 a 0.46% increase as of 15:24*.
Current gold price (July 2012 delivery) is traded at $1,588 per t oz. a $45.5 decrease as of 15:24*.
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