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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Weekly jobless claims put pressure on the dollar…Brief review of the market.
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11:36 04/23/2004
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Brief review of the market.
American currency is correcting against the major currencies.
Lower than expected weekly claims affected the dollar decline.
In the U.S., the number of weekly jobless claims dropped on 9 000 to 353 000 claims during the week up to March 17, reports the U.S. Labor Department.
The previous week’s indicator was revised from 360 000 to 362 000.
Economists had looked for 340 000 claims.
The four-week average of the given indicator increased on 2,250 to 347 000. The previous indicator was revised to 344,750.
The total number of citizens receiving unemployment benefits increased on 52 000 to 3.019 million people during the week ended on April 10. The earlier indicator was revised to 2.967 million people.
The U.S. Labor Department said on Thursday that PPI (producer price index) – wholesale sphere inflation indicator – had risen 0.5% in March compared to 0.1% gains in February.
The core index, which excludes often-volatile costs for food and energy, increased 0.2 percent during March, following 0.1% February increase.
According to Reuters and Bloomberg surveys, in average, economists forecasted PPI to rise 0.3% in March and 0.1% rise for the core index.
In the 12-month period that ended in March, wholesale prices rose 1.4% in the U.S. Similar February indicator equaled 2.1%. Core wholesale prices rose 0.7% during the 12-month period ended in March.
Similar February indicator equaled 1%.
Core wholesale prices for raw materials and materials, used at the early production stage, rose 2.7% following 5,5% February increase. Core wholesale prices for intermediate products rose 0.6% in March following 0.9% February increase.
Faster growth in the U.S. and global economies was showing up in faster price rises in early stages of production and in energy markets, Greenspan said in his Wednesday testimony..
Wholesale energy prices rose 0.6% in March, following 0.2% gains in February.
In particular, wholesale petrol prices rose 1.3$ in March, following 2% gains in February.
Wholesale prices for foodstuffs rose 1.5% in March following 2% gains in February.
According to the words of the Labor Department Secretary, price rise for foodstuffs influenced half of the overall PPI increase.
Prices for capital goods rose 0.3% in March, following zero February changes.
Consumer prices March leap and powerful employment and retail sales increase strengthened expectations that FRS would raise the rates to prevent inflation.
The forecast was created by trans1.
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