US jobless claims rose by 4.427 million, above expectations but below last week. Markets may fall prospects dozens of millions of unemployed and the dollar could rise, FXStreet’s analyst Yohay Elam briefs.
Key quotes
“4.427 million Americans filed for jobless benefits fro the first time in the week ending on April 17. Expectations stood at around 4.2 million. Continuing claims stand at 15.976 million in the week ending April 10, better than estimated.”
“The safe-haven dollar has room to rise, even though the data is for the US. When the American economy sneezes, the world catches a cold, and that adage remains relevant.”
“The increase in jobless claims may add to pressure to reopen the economy which could trigger a second wave of infections leading to another lockdown with catastrophic consequences for consumer and business confidence, weighing heavily also on hiring.”
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