New York Session - July 9, 2009 4:47 PM

Risk appetite was back and this proved detrimental to the US dollar in NY trading. Better economic data in the form of an improvement in jobless claims got the ball rolling early on. US initial jobless claims fell to 565K from 617K the prior week and this was decidedly better than the market’s expectation for a 603K result. Ostensibly, earlier than anticipated shutdowns in the auto space made the number crunching notoriously difficult and as such we would take the number with a grain of salt. The market liked the more upbeat news. Full text