EUR/USD has gotten some support from recent headlines that the SNB unexpectedly cut rates and on news that Prince Waleed put some more cash into Citigroup. One factor that could limit rallies was the high volume of forex intervention seen overnight by Korea, India and Singapore. Often these banks turn around and sell EUR/USD from their reserve holdings to replenish their dollar hoards, following intervention.
Soft emerging markets and commodities could help limit gains this morning as well.
Claims are expected to dip to 505k in the latest week. Don’t forget Veteran’s Day was last week, which could skew the data. Economists don’t have calendars, so they couldn’t tell you that…