More than 26 million people are forecast to have been laid off or fired in the last five weeks while the US dollar has plateaued awaiting viral and economic developments, FXStreet’s analyst Joseph Trevisani reports.
Key quotes
“Including the 4.15 million new claims expected on Thursday the total would be 26.16 million workers who have lost their paychecks in five weeks, an economically crippling 15.9% of the 164.6 member US workforce.”
“Continuing claims are predicted to rise to 16.476 million from 11.976 million. Most federal jobless benefits run for six months and the total each week is cumulative as the earliest filers have five more months of compensation.”
“Initial claims in the US were the great reality shock from the pandemic. If they continue to improve and there is no second wave of American layoffs and if the moves to reopen economies in European and US states are well received the dollar premium will slowly fade.”
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