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Weekly Roundup: Surge in US jobless claims sees US dollar fall across the board

currency-newsWeekly Roundup: Surge in US jobless claims sees US dollar fall across the board
While forecasts had pointed towards the US initial jobless claims figure picking up significantly on the week investors were still caught off guard by the extent of the increase.

As jobless claims surged by more than three million in the course of a week this illuminated the challenge facing the US economy as the Covid-19 outbreak continues.

With the world’s largest economy looking set to remain under pressure for some weeks to come, in spite of the White House’s earlier hopes, support for the US dollar weakened.

Although anxiety over the global pandemic remained generally elevated this was not enough to shore up USD exchange rates, with safe-haven demand having largely eased.

Fresh weakness could be in store for USD exchange rates in the days ahead as anticipation mounts for Friday’s non-farm payrolls report.

Confirmation that the US labour market loosened significantly in March could see the US dollar shedding fresh ground against its rivals as confidence in the economic outlook weakens.

A softer showing from the latest ISM manufacturing index may also put a dampener on USD exchange rates this week.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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