U.S. Initial Claims Increased Last Week – October 6

Today, the U.S. jobless claims weekly report was published and showed a slight increase in initial claims by 6,000 for the week ending on September 30th; the total initial claims reached 401,000 claims (seasonally adjusted data); the four week average slightly declined by 4,000 to 414,000; the insured unemployment rate remained unchanged at 2.9% for the week ending on September 24th a 0.1 percent point drop; and the number of insured unemployment reached 3.700 million, a decrease of 52,000 compared with the previous week’s number; the four week average also declined by 4,500 to 3.739 million. This news might positively affect the USD during the trading day.

This news is crowded out by the expectation from Europe in regards to the upcoming ECB rate decision to be announced later on today and could have a significant effect on the Euro/USD exchange rate if there will be a rate cut. Currently the stock markets in Europe are traded slightly up and the U.S. dollar is rising against major currencies including the Euro, CAD and AUD.

Euros to USD is currently traded down at 1.3256 a 0.6900% decrease as of 14:15*.

USD to Canadian dollar exchange rate is traded at 1.0474 a 0.6920% increase as of 14:15*.

Current gold price, short term futures (November 2011 delivery) is traded at $1,642.50 per t oz. a $0.9 increase or 0.05%, as of 14:03*.

(* GMT)

Check out the new monthly outlook report on gold and silver prices for October 2011

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