ZuluTrade Blog

New Record for US Jobless Claims

Market View | Thursday, April 2, 2020 4:09 PM GMT

Almost 10 million people have filed for employment benefits in the past two weeks as the Jobless Claims increased by 6.6 million this week.  As NY Times reports “ Until last month, the worst week for unemployment filings was 695,000 in 1982”. 

Due to this, US indices lost most of their pre-session profits and they are slightly positive for now. Additionally, the US 10-year Treasury yield dropped for a second consecutive day which means that Investors are leading to safe-assets once again. On Thursday Fitch published its report where “expects global economic growth to decline sharply in 2020 and now estimates that the UK's GDP could fall by close to 4% in 2020 in its baseline forecast, followed by a sharp recovery in 2021”. 

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Heading to the forex market, the greenback is getting sharply stronger against its counterparts. EURUSD is falling aggressively and Traders could watch the 61.8% Fibonacci level at 1.083. GBPUSD is still holding and consolidating near 1.24 area. USDJPY is trying to hold 107.13 while USDCAD has performed a bullish breakout of the triangle formation.

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EURUSD hourly chart

GBPUSD hourly chart

USDJPY hourly chart

USDCAD hourly chart

Checking the ZuluTrade’s Traders Sentiment, the community is buying USDCHF, USDCAD, and USDJPY while is selling EURUSD, GBPUSD, and GBPJPY. 

Today’s economic calendar includes the following news:

 

Nothing major 

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The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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