US dollar slumps after softer jobless claims data

<p>The US dollar softened across the board after <a href="https://www.forexlive.com/news/us-initial-jobless-claims-231k-vs-220k-estimate-20231116/" target="_blank" rel="follow">claims for jobless benefits</a> rose to 231K from 217K in the week ending November 11. That's a modest miss but the market is extrapolating on the trend.</p><p>Wal-Mart today also warned there was a “sharper falloff” in sales during the last two weeks of October, hinting that the consumer is slowing. Update: The CEO also said he sees possible deflation in the coming months.</p><p>The <a href="https://www.forexlive.com/news/philadelphia-fed-november-manufacturing-index-59-vs-90-expected-20231116/" target="_blank" rel="follow">Philly Fed</a> manufacturing index headline was stronger than forecast but the future index tumbled and pricing metrics were softer.</p><p>That's led to a broad weakening of the US dollar. USD/JPY is down about 50 pips since the data, sliding to 150.70.</p><p>The moves are widespread with the euro up to 1.0876 from 1.0850.</p><p>Treasury yields are down 5-9 bps across the curve while equity futures are flat.</p>

This article was written by Adam Button at www.forexlive.com.