Initial Jobless Claims at 2.5 million will be the lowest in two months but will not have a market impact unless substantially different than forecast, Joseph Trevisani, an analyst at FXStreet, reports.
Key quotes
“Initial Jobless Claims are forecast to rise 2.5 million the May 8 week bringing the total since layoffs began in earnest on March 21 to 35.983 million, or 21.8% of the US labor force. Continuing claims are predicted to climb to 25.1 million from 22.647.”
“Unless statistics bring news of further deterioration market attention will remain focused on the attempts by several states and countries to restart their moribund economies.”
“Risk-aversion remains the basic scenario for the dollar until there is a concrete sign of recovery. So far there have been none”.
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