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Initial claims for state unemployment benefits dropped 25,000 to a seasonally adjusted 370,000 in the week ended December 1, the Labor Department said on Thursday.

Last week’s drop brought them back to their pre-storm’s 360,000-370,000 range, which economists said suggested there had been no marked weakening in the labor market. They had forecast claims falling to 380,0000.

The four-week moving average for new claims, a better measure of labor market trends, rose 2,250 to 408,000, reflecting the impact of the late October storm. That was the highest level since October last year.

Last week’s claims data has no bearing on Friday’s employment report. Economists estimate the monster storm, which slammed into the densely populated East Coast, could subtract between 25,000 and 75,000 jobs from November’s nonfarm payrolls.

The closely watched report is expected to show payrolls increased only 93,000 last month after advancing 171,000 job in October, according to Reuters survey of economists. The unemployment rate is seen holding steady at 7.9 percent.

Europe

The Governing Council’s decision to leave its main interest rate unchanged matched economists’ expectations in a Reuters poll, which also showed opinion was split down the middle over the chances of a cut early next year.

“The Governing Council continues to see downside risk to the economic outlook for the euro area,” Draghi said. “These are mainly related to uncertainties about the resolution of sovereign debt and governance issues in the euro area.”

A political impasse over the United States’ fiscal policy, which could presage steep tax hikes and budget cuts if a deal is not reached, could also dampen sentiment for longer, he said.
The level of uncertainty was reflected in the ECB’s first attempt to forecast 2014, for which it pencilled in growth of between 0.2 and 2.2 percent. The midpoint forecast for 2012 was pushed slightly lower to -0.5 percent.

Draghi said rates were not lowered because of high indirect taxes and increasing energy prices in some euro zone countries.
“There was a wide discussion … but the consensus was to leave the rates unchanged,” he said, a hint that opinions differed about what course to take.

Crude Oil (Jan 13) intraday: the downside prevails.

Pivot: 88.60
Our preference: SHORT positions below 88.6 with 87.45 & 86.5 in sight.
Alternative scenario: The upside penetration of 88.6 will call for a rebound towards 89.3 & 90.3.
Comment: capped by a negative trend line.

Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced {OPENEDEMAILMARKER}

GOLD (Spot) intraday: key ST resistance at 1708 Pivot: 1708.00 Our preference: SHORT positions below 1708 with 1684 & 1672 as next targets. Alternative scenario: The upside breakout of 1708 will open the way to 1722 & 1731. Comment: as long as 1708 is resistance, look for choppy price action with a bearish bias. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

EUR/USD intraday: key resistance at 1.308. Pivot: 1.308 Our preference: Short positions below 1.308 with targets @ 1.304 & 1.3 in extension. Alternative scenario: Above 1.308 look for further upside with 1.31 & 1.3125 as targets. Comment: the pair has broken below its bullish channel support. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced Interested in Investing in Asia? Hedge Funds, Real Estate, Trading, Research, Advice Linda Johnson, Business Development Director – Private Client Group, Heffernan Capital Management Sales@Heffcap.com Singapore 3 Raffles Place #07-01 Bharat Building Singapore 048617 Tel: +65 6329 6408 Fax: +65 6329 9699

GBP/USD intraday: caution. Pivot: 1.608 Our preference: Long positions above 1.608 with targets @ 1.613 & 1.617 in extension. Alternative scenario: Below 1.608 look for further downside with 1.6055 & 1.604 as targets. Comment: a support base at 1.608 has formed and has allowed for a temporary stabilisation. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

USD/CAD intraday: key ST resistance at 0.994. Pivot: 0.994 Our preference: Short positions below 0.994 with targets @ 0.99 & 0.988 in extension. Alternative scenario: Above 0.994 look for further upside with 0.996 & 0.998 as targets. Comment: as long as 0.994 is resistance, look for choppy price action with a bearish bias. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

USD/JPY intraday: bullish bias above 82.25. Pivot: 82.25 Our preference: Long positions above 82.25 with targets @ 82.55 & 82.75 in extension. Alternative scenario: Below 82.25 look for further downside with 82 & 81.65 as targets. Comment: the RSI lacks downward momentum. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

AUD/USD intraday: bullish bias above 1.0475. Pivot: 1.0475 Our preference: Long positions above 1.0475 with targets @ 1.052 & 1.0545 in extension. Alternative scenario: Below 1.0475 look for further downside with 1.0435 & 1.041 as targets. Comment: the break above 1.0475 is a positive signal that has opened a path to 1.052. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

USD/CHF intraday: bullish bias above 0.924.

Pivot: 0.924
Our preference: Long positions above 0.924 with targets @ 0.93 & 0.932 in extension.
Alternative scenario: Below 0.924 look for further downside with 0.921 & 0.9175 as targets.
Comment: technically, the RSI is above its neutrality area at 50.

Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced