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Initial Claims at 2.4 million would be the lowest since the lockdown escalation began. Markets have had the US labor catastrophe priced for more than a month and none of the statistics have moved currency, bonds or equities out of their recent trading ranges, FXStreet’s Joseph Trevisani informs.

Key quotes

“Initial Claims are forecast to add another 2.4 million people to the jobless rolls in the week of May 15 which would bring the total to 38.871 million or 23.6% of the American labor force put out of work in the last nine weeks. Continuing Claims are expected to add 1.932 million to 24.765 million.”

“Continuing Claims are the key to charting the recovery. As long as more people are being laid off than are rehired it is not underway. This week’s figures are unlikely to show that improvement but if and when it first arrives, markets will drop their insouciance and respond.”