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The number of American filing for unemployment insurance in the week ending April 3 is forecast to be at historic levels for the third week in a row as the layoffs and job losses from the public health crisis roll through the US economy, FXStreet’s analyst Joseph Trevisani reports.

Key quotes

“Initial unemployment claims are expected to be 5.250 million. Three week total would be more than 15 million, 10% of the workforce.”

“If claims are higher than last week’s 6.648 million it would indicate that the economic damage will be even greater and the recovery more difficult and prolonged. If so the dollar will ride higher.” 

“If claims are as predicted or lower they will have lost the ability to frighten and the dollar’s risk premium will begin to deflate.”