EUR/USD lost 0.49%. US initial jobless claims rose to one-year high.

EUR/USD fell today erasing the yesterday gains. As of 6:00 PM EDT the pair was trading at 1.1374, which is 0.49% lower than the previous close.

US shares were mostly down today. Below is presented the performance of major indices:

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  • DJIA closed at 17,720.50, up 0.05%.
  • Nasdaq Composite lost 0.49% finishing at 4,737.33.
  • S&P 500 closed at 2,064.11, down just 0.02%.

The number of Americans filing for unemployment benefits increased to a one-year high level last week, mainly affected by the Verizon workers strikes.

According to the Labor Department, the initial claims for state unemployment benefits rose 20,000 to a seasonally adjusted 294,000 for the week ended May 7, representing the third week of consecutive increases. “We have to look past the noise in the latest jobless claims number because it was likely influenced by the Verizon strike. The broader underlying trend in claims remains very constructive” said Jacob Oubina, from RBC Capital Markets.

“The claims data … have increased significantly over the most recent three weeks and this does suggest that the labor market has deteriorated lately” said Daniel Silver from JPMorgan.

Oil prices closed slightly higher today after a volatile session. The WTI Crude closed at 46.39 USD/bbl up 0.35%. The Brent Crude was trading at 47.93 USD/bbl, which represents a 0.69% increase from the previous close.

“The oil market right now is like a very full bath, running precariously close to capacity and with the taps on full. Soon the taps are going to be turned down but not off, [with] stocks will likely continue to build but at a much reduced pace” said Matthew Parry, senior oil analyst at International Energy Agency.

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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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