The dollar rallied sharply against the sterling, advancing by over 270-pips to 1.6759 while pushing the euro lower to 1.4336. Weekly jobless claims improved by more than expected, falling to 550k and larger than the expected drop to 580k from 584k a week earlier.
Traders will closely scrutinize tomorrow’s July labor report, due out at 8:30 AM. The unemployment rate is seen edging up to its highest level in over 20-years at 9.7%. Meanwhile, the non-farm payrolls reading is expected to improve sharply, posting a loss of 320k jobs, versus 467k jobs lost in June.
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