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US Initial Jobless Claims Continue at Historic Levels, USD Gyrates

US Initial Jobless Claims Continue at Historic Levels, USD Gyrates

2020-04-16 12:50:00
Thomas Westwater, Contributor


  • US initial jobless claims print 5245k Thursday morning
  • COVID-19 continues to plague US labor market
  • US Dollar ticking higher post-report

The US labor market continues to break down as the COVID-19 pandemic assails the economy. Initial jobless claims for the week ending April 11 crossed the wires at 5245k Thursday morning versus estimates of 5500k. The US dollar shifted modestly higher post-release, although, the USD basket remains off session highs and looks to be failing to follow through on any strength.


US Dollar Basket initial jobless claims

Source: IG Charts

Equity markets have treaded higher in recent weeks amid immense support from central banks and fiscal policymakers, but risks from the economic backdrop lingers. Markets may also be pricing in an economic recovery already as some see the current pandemic leveling off, however, many experts are still skeptical. Currently global cases of COVID-19 are just past the 2 million mark worldwide, and nearly 640k in the United States according to Johns Hopkins University.


US initial jobless claims

Source: Bloomberg

Continuing claims also released this morning, revealing 11769k claims. This figure highlights the record number of US workers laid off in recent weeks remain without jobs. While the rise in continuing claims is unsurprising, it underscores the severity of the US labor markets posture. State stay-at-home orders will likely continue to hamper the economy through at least May, as currently expected.

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