Daily Summary on USD, EUR, GBP, JPY, AUD, CAD and ZAR
The USD is lower against most of its major counterparts this morning as the week's volatility continues. Stocks and commodities recovered early from yesterday's steep selloff as home sales exceeded expectations. The sale of new houses gained 7.3% after last month's 10.4%, far better than the 1.5% increase that was expected. However, on an annualized basis, the measure declined to +6.9% from +7.3% in the previous reading. Weekly jobless claims were also released this morning, but registered slightly worse than expected at 381K versus the forecast for 375K. It's also the first time the measure has increased week over week in the past month. Nevertheless, the four-week moving average did continue to decline, dropping to 375K, the lowest level since June 2008, suggesting that the labor market is on the mend. However, it still remains to be seen if the drop in applications for unemployment benefits will translate into increased payroll numbers in the coming months.