News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePT7Yu8 https://t.co/GFx3b1W0OD
  • RBNZ's Hawkesby talking "considered steps" when setting monetary policy, leaning towards 25bps - With money markets pricing in 31bps worth of tightening at the October meeting. Room for disappointment. https://t.co/C7DHnPIeuU https://t.co/K2835aP57Z
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi4143uT https://t.co/zTpqrFIZfk
  • RBNZ: - We have benefitted from a robust rebound in China, our main trading partner - The interruption to the economy's supply side has lasted longer than expected
  • RBNZ: - Vaccination program has aided a stronger-than-expected rebound in the global economy - Demand for our exports has fared better than previous recessions
  • Between the volatile risk trend picture at the moment along with the Fed rate decision and expected 100bp hike from the Brazilian central bank both on Wednesday, $USDBRL is going to be a very interesting pair to watch...
  • RT @EricBalchunas: $SPY traded more than the Top 5 stocks combined. Just when you think $SPY is fading away like an aging legend you realiz…
  • Bitcoin sharply lower on the day, but well off session lows around $42,500 $BTCUSD #Bitcoin https://t.co/mPiZMs8eYH
  • You know what index didn't suffer an overtly threatening reversal this past session? The Russell 2000. It didn't continue the same steady climb through 2021 that the Dow, SPX and Nasdaq enjoyed; so not as much excess premium https://t.co/ieHojAC7b5
  • USD/JPY extends the rebound from the weekly low (109.11) as the stronger-than-expected US Retail Sales report fuels speculation for an imminent shift in monetary policy. Get your $USDJPY market update from @DavidJSong here:https://t.co/Rozq62yAou https://t.co/toaAHiCavK
US Dollar Gyrates on Record Breaking Jobless Claims

US Dollar Gyrates on Record Breaking Jobless Claims

Thomas Westwater, Analyst

Record Breaking Initial Jobless Claims as COVID-19 Continues Assault on Economy Talking Points:

  • Jobless claims rise to new record of 6.64 million amid virus pandemic
  • Dow Jones set to open higher despite dismal jobless claims
  • Markets now await Friday’s non-farm payrolls report

US weekly jobless claims crossed the wires at 6.64 million Thursday morning, breaking the previous all-time high record of 3.28 million set just last week. COVID-19 continues to ravage its way through the economy as the virus continues to spread despite aggressive social distancing standards set by federal and State governments. The US Dollar was largely unchanged as the figure crossed the wires, but US equity markets appear set to open higher on the open.

US Dollar Chart (1-Min Chart)

US Dollar Jobless Claims

Chart Created by Thomas Westwater in TradingView

The chances for a recession now appear imminent as economic fallout from the coronavirus continues to mount. Equity markets started the second quarter with a steep decline on Wednesday, with the Dow Jones Index sinking over 900 points. This follows the worst ever Q1 performance for the closely watched index, dropping 23.1 percent.

US Jobless Claims Hits New Record

US Initial Jobless claims record

While initial jobless claims provide timely data on the impact of the current pandemic to the labor market, other economic data this week reflected the grim situation with ISM’s manufacturing survey showing the largest drop in new orders since 2009. Friday will provide further insight into just how severe the virus impacted the US economy last month with March’s non-farm payrolls and ISM’s services PMI survey set to release.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES