US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19
AUD/JPY ready for further downside pressure
2020-10-22 • Updated
Ichimoku Kinko Hyo
NZD/JPY: The pair is trading in a bullish sentiment above the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming bullish momentum.
XAG/USD: Silver lose strength and moves further below 38.2% level. It seems that bears increase downside pressure.
US Market View
The number of Americans applying for initial unemployment benefits fell to 787,000 last week, the lowest since April, but remained at levels indicating that the recovery in the labor market is struggling for momentum as the coronavirus pandemic enters its first full winter.
Economists had forecast a decline to 860,000. The prior week's figure was revised down to 842,000 from an initially reported 898,000.
The number of continuing claims, which are reported with a one-week lag to initial claims, fell sharply for a second straight week to 8.373 million. The previous week's figure was revised down to 9.397 million. Continuing claims are falling in part because many people have exhausted their eligibility for regular state benefits.
US Key Point
- Pelosi supports that soon be ready to put pen to paper on the stimulus bill
- House Speaker Pelosi supports talks with Mnuchin continue
- Paul Tudor Jones expects a Biden’s victory
- Weekly US initial jobless claims comes at 787K vs 870K expected
President-elect Biden will present details of his plans to support the economy through the pandemic, while Federal Reserve chairman Jerome Powell may offer some reaction in a speech later.
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