EUR/USD climbed. US jobless claims increased to 278,000.

EUR/USD sharply rose today reaching a daily high of 1.0975 and closing at 1.0949, which represents a 0.77% increase from the previous close.

US markets continue the rally for three days in a row. Major indices had the following performance today:

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  • DJIA closed at 16,943.90, up 0.26%.
  • Nasdaq Composite finished slightly higher at 4,707.42.
  • S&P 500 rose by 0.35% closing at 1,993.40.

Among major US data announcements today were the initial jobless claims and the ISM non-manufacturing activity reports.

According to the Labor Department report the initial claims for the week ended February 27 rose by 6,000 to seasonally adjusted 278,000. This figure is higher than the analysts’ estimate of 271,000.

“Through some of the ups and downs in the weekly series, it looks like the trend in initial claims has improved over the past month, signaling that the labor market continues to improve despite weakness in several other recent economic reports,” said Daniel Silver from JPMorgan.

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The Institute for Supply Management (ISM) announced today that its index of non-manufacturing activity dropped to 53.4 from 53.5 in the previous month. The decline in the non-manufacturing index indicates a positive but small move of economic activity in the non-manufacturing sector.

Oil prices had a volatile session today. The WTI Crude closed at 34.57 USD/bbl, which is 0.26% below the previous close. Brent Crude was trading at 36.98 USD/bbl, up 0.14%.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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