The US is set to release Initial Jobless Claims for the week of April 10 at 12:30 GMT. Joseph Trevisani, an analysts at FXStreet, explains the figures expected and the implications for the US dollar.
Key quotes
“Initial unemployment claims are expected to be 5.1 million while continuing claims are projected to almost double to 14 million. Four week total would be over 21 million, 13% of the workforce.”
“Projections for the unemployment rate which was 4.4% in March range as high as 30% in the months ahead.”
“Even though the safety trade has diminished somewhat the potential, as evidenced by the modest dollar gains after the retail sales numbers, for a recurrence remains strong.”
“Jobless claims have become the economic epicenter for the US economy and the currency market will likely respond to any substantial variation from the forecast.”
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