Jobless claims statistics released yesterday show the US economy shed 608,000 jobs in the month of May. Continuing jobless claims have dropped by 148,000 and currently stand at 6,687,000. This is the first weekly decline since January, and the largest since 2001.

This data, although negative, was better than expected by markets and shows that job losses have moderated in the US since the beginning of the year. Euro and sterling exchange rates rose on the back of the data, with the pound bouncing to 1.6260 and the euro exchange rate testing 1.3960 against the US dollar.

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