Initial jobless claims fall to 4.427 million while continuing claims rise to 15.976 million. Unemployment figures define risk parameters for the dollar, in the opinion of FXStreet’s analyst Joseph Trevisani.
Key quotes
“The rolling disaster in the US labor market added another four million people to the unemployment rolls bringing the total to more than 26 million in five weeks.”
“The US currency has been the risk choice of the pandemic as it usually is in times of global turmoil. As the crisis has unfolded its funding and safety status have been in constant demand. The consolidation of the past two weeks stems from uncertainty about where the global economy is headed.”
“It is unknown if the locked down industrial economies will be able to reconstitute their activity swiftly and thoroughly, but for the US at least, the weekly continuing claims will give an indication if the dollar’s risk role is coming to an end.”
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