US dollar is trading higher following the monthly US jobless claims report.
The US Dollar (USD) is trading marginally higher on the drop in US Jobless Claims from 203,000 to 187,000. The optimistic data was overshadowed by another decline in the Philadelphia Fed Manufacturing Survey, which fell from -12.8 to -10.6, compared to -7 anticipated. So there is some good news for the Greenback, while the Philadelphia figure is dragging a little bit.
US Dollar Traders hear Fed President Bostic reiterate his appeal for a steady-for-longer outlook.
On the economic front, all figures are out of the way.
Atlanta Raphael Bostic, a US Federal Reserve member, is scheduled to talk again this evening around 17:05 GMT. Although he announced his views early this morning, his final address is the second-to-last chance to guide markets before the blackout begins Friday evening. A small hawkish lean following his statements may fuel more US Dollar strength.
Daily market movers: Jobless does it again.
Raphael Bostic, President of the Atlanta Federal Reserve, spoke first on Thursday. He stated that he wants to see further proof that inflation is declining. Wants to maintain rates higher for longer to avoid having to reduce first and then rise due to a monetary policy blunder.
Housing Starts data was issued at 13:30 GMT, with Jobless claims. According to claims, monthly housing starts in December increased from 1.525 million to 1.46 million.
Monthly building permits in December increased from 1.46 million to 1.495 million.
Initial jobless claims dropped from 203,000 to 187,000.
Continuing jobless claims increased from 1.832 million to 1.806 million.
The Philadelphia Fed Manufacturing Survey for January remained nearly flat, at -10.6, down from -12.8.
The US Treasury will issue a 4-week bill and a 10-year TIPS at approximately 16:30 GMT and 18:00 GMT.
Equity markets are attempting to break the negative tone set this week.
The equity markets are attempting to break the negative tone set this week. Asian indices closed generally flat, while European equities are attempting to keep up with some little advances. US futures are mixed, with the Nasdaq in green and the Dow Jones in red.
CME Group’s FedWatch The tool indicates that markets are pricing in a 97.4% possibility that the Federal Reserve will leave interest rates unchanged at its January 31 meeting. Around 2.6% anticipate the first cut already taking place. As more traders reprice cuts for later this year, a minor rate hike expectation may emerge in the coming days.
The benchmark 10-year US Treasury note stays stable at 4.11%, while the US Dollar Index has retreated somewhat.
