The Australian dollar hit a high of US87.63 yesterday as another round of disappointing jobs data from the US hit the market. Initial jobless claims came in at 290,000 against an expected number of 280,000 marking the second time in a week for disappointing employment data after the latest non-farm payrolls number also came in below expectations.
Jobless claims in America have now been below the 300,000 mark for nine straight weeks hitting their lowest level in October since 2000 at 266,000.
Even though the Jobless claims are falling the number of new job positions has averaged about 200,000 a month in recent years helping the US economy get back on track.
Later today, another round of key data is due out of the US, which may pressure the Aussie dollar, as we round of the week .The market will await the latest retail sales number and The Reuters/Michigan Consumer Sentiment Index where the consensus is for a reading of 87.5. The Index has remained above 80 since the start of the year and has been one of the key Indicators of a recovering US economy.
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