Coronavirus impact on US labor market: latest news

Coronavirus impact on US labor market: latest news

The 1st of April came with some good news that only 27,000 people became unemployed in private sector. Yes, the Covid-19 virus has turned the world upside down, and we are just happy that the numbers haven’t been as bad as expected(i.e. 150,000).

This report is called ADP and it provides an early look at the employment data , generally 2 days before the release of the government report “Non-Farm Employment Change”, which is more reliable.

It’s important to highlight, the ADP is based on data from March 1 to March 12, what means that it’s not fully reveal the damage caused by coronavirus.

Another report was published today, which is called “Unemployment claims”. It said that 6,648,000 people filed for unemployment insurance for the first time during the past week. Nobody could have imagined that! The forecast was 3.6 million. Although the US dollar status is considered as a safe-heaven currency, it could come under pressure and drop.

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Moreover, tomorrow we will see a broader picture of the current situation as non-farm payrolls, unemployment rates and average hourly earnings will be published.

Read the article “Employment data may make the USD volatile” and join our webinar “NFP Live : trade with analyst’s help” to know how to act to make more profit.

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Strong USD on Tuesday
Strong USD on Tuesday

The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.

Latest news

USD starts the week with gains
USD starts the week with gains

Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.

ECB report is in focus
ECB report is in focus

The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time. 

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