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Forex: Claims beneath 350,000 means a lower unemployment rate ahead - Miller Tabak

Jobless claims fell by 22K to 344K in the Feb 24 week, more than the 6K decline expected to 360K from previous week figures of 366K. The Key 4-week moving average eased by 6K to 355K. At the same time, Continuing Jobless claims declined to 3.074.000 in the Feb 17 week, the lowest since June 2008.

With a jobless claims figures improving every week, Miller Tabak's Chief Economic Strategist Andrew Wilkinson points that a consolidation below the 350K number in initial jobless claims would mean a lower unemployment rate. "We continue to push the fact that weekly claims, and therefore the key four-week average, is slipping to where we expect."

"Beneath 350,000," Wilkinson concluded, "means a lower unemployment rate ahead."

Forex: USD/CAD advances after US, Canadian data

The dollar strengthened against its Canadian counterpart, underpinned by the latest string of Canada and US data. The key Canadian release was the current account report for the fourth quarter, which showed that deficit widened more than expected to C$17.26 billion.
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Commodities Brief – Gold holds below 1600, silver below 29.00 after upbeat US data

Gold prices have been unable to mount any manner of effective recovery today as investors have grappled the steady tranche of economic indicators throughout both Europe and the United States Thursday. In particular, the US economy continued to show signs of life as reiterated by Fed Chairman Ben Bernanke yesterday. Technically, Gold has been trading below 1600, though its 200-day SMA continues to shackle any upward movement Thursday. Trading negatively on the day, the yellow metal has settled at USD $1592.05 per oz. at the time of writing.
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