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Weak data on the US economy put pressure on the US dollar, which continued to decline against the European currency and the British pound during the second half of Thursday.
The US labor market is in perfect order, as shown by the report of the US Department of Labor, which was published on Thursday at the beginning of the US session. According to the data, the number of Americans who submitted new applications for unemployment benefits last week remained unchanged and was at a rather low level.
Thus, the number of initial applications for unemployment benefits for the week from December 17 to 23 remained unchanged from the previous week, reaching 245,000. Economists had expected the number of applications last week to reach 240,000.
However, the deficit of foreign trade in goods in the US increased, which could negatively affect the economic performance by the end of the year.
According to the report of the US Department of Commerce, the deficit of foreign trade in goods in the US in November of this year increased by 2.0% and amounted to $69.68 billion. Despite the fact that exports of goods in November rose by 3% compared with October. Import of goods also increased by 2.7% compared to October.
Given that the economic indicators of the eurozone this year remained quite high, we can expect that the ECB will quickly change its policy in the event of an improvement in the situation in 2018. Additional pressure on the European regulator will also be created by the head of the Bundesbank, Jens Weidmann, who adheres to a more tight monetary policy.
The year has not yet ended, and Italian Prime Minister Paolo Gentiloni said that the country risks entering a period of instability after the elections. It is about elections that are to be held in the first half of next year. Despite all the fears of the prime minister, traders reacted calmly to his statements.
Good indicators of business activity in the Midwest USA have cooled the enthusiasm of euro buyers against the US dollar. As a result of which, growth stalled on a new intraday high near 1.1950. According to the report, the Chicago Purchasing Managers Index rose to 67.6 points in December from 63.9 points in November. I recall that the value above indicates an increase in activity. Economists had expected the index to be at 61.5.
Euro buyers continue to use weak data on the US economy. The update of December highs, which took place on Thursday, with a steadying at the level of 1.1940 at the end of the day, will allow it to continue the upward trend at the last Friday bid of 2017.
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