EUR/USD dropped 0.71%. US initial claims unexpectedly fell last week.

EUR/USD fell today. As of 6:00 PM EDT the pair was trading at 1.1320, which is 0.71% lower than the previous close.

US shares finished slightly lower today. Below is presented the performance of major indices:

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  • DJIA closed at 17,985.19, down 0.11%.
  • Nasdaq Composite fell 0.32% finishing at 4,958.62.
  • S&P 500 closed at 2,115.48, which is 0.17% below the previous close.

The number of Americans filing for unemployment benefits surprisingly dropped last week, and the continuous jobless claims fell to its lowest level since 2000. According to the report from Labor Department, the US initial jobless claims fell by 4,000 to 264,000 for the week ended June 4, compared to the analysts’ median estimate of 270,000.

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“The underlying trend to a tighter labor market remains intact. It seems clear that the problem with the jobs market is hiring new employees that are suitable for available positions, which in itself is a sign of labor market tightness” said John Ryding, chief economist at RDQ Economics in New York.

Oil prices fell today. The WTI Crude closed at 50.56 USD/bbl, down 1.31%. The Brent Crude was trading at 51.86 USD/bbl as of 5:21 PM EDT, which is 1.24% lower than the previous close.

“I think prices will have to move up even higher than we’re talking about for there to be a big change in the rig count. We can’t change the decline of the oil production in the United States without more capital, and right now that’s just not available” said Tom Ward, the CEO of Tapstone Energy.

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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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