The dollar is climbing moderately today despite the first increase in jobless claims in five weeks. Euro and Swiss franc are followed closely. The global markets are still undergoing consolidated trading, with moderate weakness in European equities and US futures. The Australian dollar is pushing the New Zealand dollar down.
However, there is no clear development in the forex market yet. Most major pairs and crosses remain within last week’s range. A breakthrough is still expected. Consolidation trading continues with the dollar as whole rallies during today’s session, followed by the Swiss franc. On the other hand, the pound sterling is partly pulling back this week’s gains, along with the Aussie and the Kiwi.
News about coronavirus vaccines failed to cheer investors up. Instead, there is growing concern about new infections and restrictions around the world. However, in general, major pairs and crosses are limited by last week’s range.
The latest wave of COVID and renewed efforts to combat its spread are putting pressure on the labor market recovery. The number of jobless claims in the US will remain at around 700,000, indicating stabilization after a gradual decline, but closures and restrictions could trigger a second wave of layoffs.
The number of initial applications for unemployment benefits in the United States increased from 31,000 to 742,000 in the week ended November 14, which is higher than expectations of 707,000. The four-week moving average of initial filings fell 14 thousand to 742 thousand. For the week ended November 7, the number of ongoing claims fell from -429 thousand to 6372 thousand.
The number of applications is likely to remain high amid the latest wave of COVID, and the number of long-term unemployed will rise. Also in the US, the PM Index fell to 26.3 in November from 32.3, but beat expectations of 24.0. In Canada, employment in the ADP fell by -7.5 thousand in October.
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