Initial jobless claims fall to lowest since 1973
The US dollar ripped higher after initial jobless claims fell to the lowest in a generation. USD/JPY shot to 124.07 from 123.80.
The headline-grabbing number is probably the result of some seasonal adjustment issues. Recent reports have been artificially high because of automotive plant shutdowns in the past two weeks because of retooling.
What it shows is that the market doesn't need much good US news to get behind the US dollar. Even USD/CAD is higher despite a good Canadian retail sales report at the same time.
The next hurdle for USD/JPY will be yesterday's highs at 124.15. They put up a solid wall of resistance and successfully held again in Asian trading.
