A jump in initial jobless claims would be just perfect

We get a trio of economic data releases at the bottom of the hour including US initial jobless claims (shown above), the Philly Fed and final Q3 GDP.

The one to focus on is claims. It caught the market off guard with a jump last week, though it looks like it was due to one-off events. The consensus is for a decline back down to 230K but a further rise would be an interesting development. Powell tilted the Fed’s focus back towards the inflation mandate yesterday and this would make for a perfect time for a rug pull on jobs, at least if you enjoy maximum chaos.

Note that this is NFP survey week as well, so the claims number could be particularly impactful.

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