Initial Claims Expected to Show Marginal Improvement

Our day to day barometers are trading a shade lower in quiet trading. Euro traders are playing close to the vest in light of of the current economic data estimates. Last on the Euro $1.4216 down 27/100ths of cent against our Dollar.

Crude Oil is also changing hands in quiet fashion after yesterday’s stunning $3.23 surge in price. The last thing oil traders expected to see yesterday was an 8.4 million barrel decline in Crude supplies. Last on Oil $72.23 off 19 cents per barrel.

The metals complex inched higher in listless overnight trading with many participants choosing to stand aside until the release of today’s U.S economic data. Silver is up 7 cents at $13.97. Gold is unchanged at $943.00. Palladium is $278.00 up $3.00. Platinum is $4.00 lower and trading at $1238.00.

Initial Claims are expected to show marginal improvement with 550,000 first time claims for unemployment versus last week’s 558,000. Leading Economic Indicators which projects the expected rate of economic growth 6 months in the future are estimated to clock in +.7%, same as last month. The Philadelphia Fed index of Manufacturing is expected show a reading of -2 compared to the prior reading of -7.5.

In the stock market the Dow finished Wednesday with a 61 point rise in the aftermath of lower Oil supplies and despite worries about China’s economic condition. This morning the Dow is being called to open 16 points higher. On the domestic front contentious health care reform continues to be front page news nationwide.

Friday’s economic calendar:

U.S. Existing Home Sales
Canadian Consumer Prices