Forexlive Americas FX News Roundup April 6: Weekly claims data rises after seasonal adjustment
Seasonally adjusted weekly claims data for the impact of Covid is declining, but the seasons still reflect the volatility seen in recent years. In short, the data returned to normal, and so did the seasons. Nevertheless, thanks to last year’s adjustments, unemployment insurance initial claims rose from less than 200,000 for most of the year to more than 200,000 and trending higher.
This is the current amended claim schedule. Note the upward slope showing the increase in jobless claims over time and the raw numbers above 200,000.
On the other hand, you can find below the complaints table for the last week before the new seasons. Note that the levels are below 200 K and the slope is lateral, indicating stable data.
Tomorrow, the BLS will release US jobs data, which is expected to show 239K jobs, up from 311K last month. The unemployment rate is expected to remain at 3.6%, unchanged from last month. Does today’s data necessarily affect tomorrow’s data? Not really, not to mention that the tilt may be bearish given the recent trend.
Despite weak jobs data, U.S. earnings initially fell, but then rebounded. The two-year yield rose seven basis points to 3.833%. The 10-year yield increased by 1.8 basis points to 3.305%. Despite today’s gains, the two-year yield was still down -19.6 basis points on the week. The 10-year yield fell by -16.8 basis points.
Although the US stock market will be closed on Good Friday tomorrow, the US bond market will open for a shortened session (until 12:00 p.m.).
Today, the main indices in the US stock market rose higher. The S&P and NASDAQ indices broke two-day losing streaks. The Dow industrial average swallowed a slight gain of 0.01%. The S&P index increased by 0.36%, the NASDAQ index by 0.76%.
In forex, the CHF ended the day as the strongest of the major currencies, with the EUR and USD also largely higher. The losers – or the weakest of the major currencies – were the NZD and AUD, with the NZD almost doubling the AUD. .
A look at other markets shows:
- Spot Gold was down $13.58, or -0.67%, at $2,007.11.
- Silver was up five cents, or 0.19%, at $24.94
- WTI oil fell by $0.12 to $80.49
- Bitcoin is trading just above the $28,000-$28,054 level.
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