A Leading Indicator

The Jobless Claims number's expected
To predict whither growth is directed,
For there's much one may plumb
When aware what the sum
Of those getting an unemployed check did.  

Indeed, a higher-than-expected jobless claims number yesterday helped to drive the dollar lower against the euro, which now costs nearly $1.50.  In combination with Fed Chairman Ben Bernanke's dovish comments at his first-ever press conference, the indication of higher unemployment tells the markets to expect a period of slow growth and low interest rates in the US, both of which would make other currencies more attractive.