US Dollar Rebounds on Unemployment Benefits, Oil Undeterred by Suez Canal Closure

US Dollar Rebounds on Unemployment Benefits, Oil Undeterred by Suez Canal Closure

The dollar is trying to rally further this week after better-than-expected jobless claims data. But there are no further purchases in dollars yet. But then the recovery is still rather weak. Commodity currencies have turned into sideways consolidations, but remain vulnerable.

In the week ending March 20, 684,000 initial jobless claims were filed in the United States, according to data released by the US Department of Labor (DOL) on Thursday. This value follows the previous version of 781,000 (revised from 770,000) and came out well above market expectations of 730,000.

The US dollar continues to outperform its peers since this report, and the US dollar index last climbed 0.17% to 92.68. It was also published that 4Q GDP growth ended at 4.3%. The price index was completed at 2.0%.

USD/CAD rose north of the 1.2600 level in recent trading, hitting new weekly highs. This means that after a day of trying, the pair was able to make a convincing break above the 21-day moving average, which is currently at the 1.2570 low. On the day, the USD/CAD pair is trading at a profit of about 0.4%, or about 50 pips.
Oil Undeterred by Suez Canal Closure
Oil prices have skyrocketed after gradual updates on the ship stuck in the Suez Canal. Energy traders were trying to quickly estimate how long the massive container ship would block one of the world’s busiest waterways. Oil rallied on fears that the stranded vessel could be stuck for several days and then cut profit after it looked like channeling would inevitably resume, eventually hitting session highs following news that movement should resume. later today or by Thursday.

The energy market has largely taken into account the price of the short-term drop in demand for crude oil and is starting to wonder if OPEC + might consider increasing production at its next monthly meeting. OPEC +, mainly Saudi Arabia, did too well to surprise markets and drive up oil prices. The bar is set high and unless OPEC + signals a willingness to do more, the oil will quickly resume its bearish downtrend.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.