The overnight United States (US) Initial Jobless Claims data showed that there was a slight increase in unemployment claims. Although this was a negative result, the jobless claims in the US have steadily decreased since April this year. Overall since April 2014, we have seen a 30,000 decrease in jobless claims.
Further to this, Continuing Jobless Claims also was released last night. This data set is often referred to the actual number of unemployed who are currently receiving unemployment benefits who filed for unemployment benefits at least two weeks before this release. This figure came out slightly above analyst expectations. The actual Continuing Jobless Claims figure came out at 2571K, expectations were 2565K and the previous figure was 2559K. The USD over night became slightly weaker again and we are currently seeing the same levels as the previous day for the AUD/USD pairing.
Today we have Industrial profits from China which usually exert some influence over the AUD. Last month’s figure came in at 10% and there are no expectations for this month’s figure. However, there may be a positive industrial profits figure as recent Chinese PMI figures have shown strong growth and signs of expansion.
To end the week we have the Revised University of Michigan Consumer Sentiment. This is a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions. This figure is generally the better release to accurately measure consumer sentiment than the original release of the Consumer Confidence. This may present the USD with some last minute lift as we head into the weekend.