Today, April 26th, the U.S. jobless claims weekly report was published; according to the recent weekly report, the number of initial claims decreased by 1 thousand for the week ending on April 21st; the total initial claims reached 388,000 claims (seasonally adjusted data); the four week average increased to 381,750; the insured unemployment rate remained unchanged at 2.6% for the week ending on April 14th; the number of insured unemployment reached 3,315 thousand, an increase of 3,000 compared with the previous week’s figures. Finally, the four week average declined by 9,750 to 3,321.5 thousand. This recent news of the slight drop in the U.S. jobless claims doesn’t look well for the progress of the U.S economy. Furthermore, since this rate is less than many had anticipated it may adversely affect the U.S dollar trading and consequently may positively affect commodities prices including bullion prices.
Currently the U.S. dollar is traded down against many major currencies.
Euros to USD is rising by 0.11% to 1.3231 as of 17:41*.
British Pound to U.S. dollar exchange rate is traded at 1.6186 a 0.14% increase as of 17:40*.
Current gold price (May 2012 delivery) is traded at $1,659.2 per t oz. a $16.9 increase as of 17:40*.
For more on this subject: