The United States (US) Department of Labor reported Thursday individuals applying for unemployment for the first time last week (the week ending February 25th) came in at a seasonally adjusted 351,000, 2,000 lower than the previous week’s revised average of 353,000. The four week moving average, which displays a less volatile figure, calculated to 354,000, 5,500 less from the previous week. The numbers exhibit that fewer individuals are being laid off and implies some companies are increasing employment. Unemployment insurance applications have lowered steadily since early fall of last year and are currently 15.0% lower since October 2011. The insured unemployment rate amounted to 2.7% for the week ending February 18th, unchanging from the previous week. The US Federal Reserve stated Wednesday that the country’s economic growth increased at a modest to moderate pace. They cited positive expansion in factories, retail sales, employment growth and home sales, reporting that the economy performed better expected. Despite this, the number of individuals receiving unemployment moved up slightly last week.
Despite the positive economic reports, the U.S. Dollar traded sideways against the Euro. The pair found support at the 200 period moving average line after declining 140 pips yesterday. If the pair breaks below 1.3300, we expect the pair to find support at 1.3200.
Eugene Ross, Analyst
At any use of the analytical material taken from a site of company Admiral Markets, and the secondary publication on any other resources, the rights to intellectual property for a dealing center «Admiral Markets», the reference to a company site is obligatory.