Initial jobless claims, one of the most timely indicators on the US economy, came out at 332K vs. 350K expected supporting the view that the US labour market continues to improve. This may be all we need to push the S&P 500 higher toward that all-time-high on closing prices at 1,565.15 on October 9, 2007. These numbers have pushed the probability up that we might get a new all-time-high close today in the S&P 500. The index only needs to close 0.7% higher to set a new record. Following the release of the data, the USD added to gains against the euro, with EUR/USD shedding 0.37% to trade at 1.2913.
EasyForexNews Research Team