By Dean Popplewell
Price action has been subdued in both Asia and Europe with the Royal wedding dominating market coverage, at least until US data releases. This morning, Euro-zone inflation rose to a 30-month high for April (2.8% vs. 2.7%), further strengthening the case for Trichet and Co. to tighten monetary policy, despite the peripheries tackling severe debt problems.
The US$ is weaker in the O/N trading session. Currently, it is lower against 15 of the 16 most actively traded currencies in a ?subdued? session.
The dollar did not need any more bad news, but it got it. Yesterday?s economic indicators point to dismal employment and slowing economic growth. GDP showed growth at only +1.8% in the first quarter, however, it?s backward looking data and right on market expectations. The weekly jobless claims (+429k) is more important and suggests further sluggishness in the jobs market.
Initial jobless claims increased by
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