USD
Fewer Americans than forecast filed applications for unemployment benefits last
week, pushing the average over the past month to the lowest level in 15 years
and underscoring labour-market strength. Jobless claims decreased by 1,000 to
264,000 in the seven days ended May 9. 

Fewer workers are being let go, a sign that demand for staffing remains robust
and that a slowdown in economic growth was due to transitory factors, like bad

USD
Fewer Americans than forecast filed applications for unemployment benefits last
week, pushing the average over the past month to the lowest level in 15 years
and underscoring labour-market strength. Jobless claims decreased by 1,000 to
264,000 in the seven days ended May 9. 

Fewer workers are being let go, a sign that demand for staffing remains robust
and that a slowdown in economic growth was due to transitory factors, like bad
weather and port disputes on the West Coast. Persistently low firings and greater
employment gains should help wages pick up and support consumer
spending.
 
Producer prices in the U.S. unexpectedly fell 0.4 percent in April from the
prior month, depressed by declining profit margins at wholesalers and
retailers.
 
Federal Reserve Chair Janet Yellen and her colleagues are monitoring the labour
market while also looking for signs of inflation as they consider the
appropriate time to raise their benchmark interest rate from near zero.

EUR
Repayment of what Greece owes to the European Central Bank should be pushed
into the future, but it is not an option because it fills ECB chief Mario
Draghi’s “soul with fear”, Greece’s finance minister said on
Thursday. Yanis Varoufakis said Draghi, president of the European Central Bank,
cannot risk irritating Germany with such a debt swap because of Berlin’s
objection to his bond-buying programme.
 
Varoufakis first raised the idea of swapping Greek debt for growth-linked or
perpetual bonds when his leftist government came to power earlier this year,
But Athens has since dropped the proposal after it got a cool reception from
euro zone partners.
 
The outspoken minister, who has been side-lined in talks with European Union
and International Monetary Fund lenders, brought it up again on Thursday, saying
27 billion euros of bonds owed to the ECB after 6.7 billion euros worth are
repaid in July and August should be pushed back.

GBP
Bank of England governor Mark Carney has suggested he’s in favour of the Tories
holding an early referendum on Britain’s membership to the European Union.
 
Carney said that the planned vote on EU membership should be held “as soon
as necessary” in an interview on Thursday. He also stressed the
importance of Europe to Britain’s economy saying “one of the big
advantages this economy has is access to the European market”.
 
The Conservatives have promised to hold a referendum on Britain’s membership to
the European Union before the end of 2017. However, since David Cameron’s shock
majority victory at the polls there have been suggestions it could be brought
forward. The governor also took the opportunity to play down inferences he
thinks an influx of foreign workers are responsible for holding down wages.

Key Announcements
15:00 –  USD   Prelim University of Michigan Consumer
Sentiment

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