Thursday, January 11, 2018

Gold soars to more than a four month high as dollar gets crushed on unexpected initial claims data

As we noted yesterday, the three day bounce for the dollar and correction for gold did not last long as unexpectedly high initial claims data out on Jan. 11 caused the reserve currency to lose 70 bps on the index, and gold to climb to over a four month high in price.

2016 ended with a 13% YoY decline in initial jobless claims. However, thanks to a late-year surge (which we are sure will be excused away with 'weather' of some sort), 2017 saw initial claims rise 6.5% YoY. 
Initial claims rose 11k to 260k (against expectations of a decline to 245k)... - Zerohedge

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