Poor US jobless claims shocked investors

Poor US jobless claims shocked investors

What happened?

The number of Americans asking for new unemployment benefits unexpectedly jumped last week: 770,000 vs the expected 704,000. It seems that everything has been done to improve the indicators of the labor market: $1.9 trillion stimulus package was unveiled and the vaccination pace was really fast. Thus, the fact that the numbers came out worse than anticipated surprised investors.

What’s next?

As a rule, the poor data weakens the currency. But despite this rule, the USD surged and pressed down its peers. EUR/USD has broken through the 50-period moving average of 1.1915, clearing the way down to the recent lows of 1.1890. The move below this support will press the pair down to the low of March 10 at 1.1870.  On the flip side, if it jumps above the high of March 15 at 1.1955, it may rise to the 38.2% Fibonacci level at 1.1990.




Latest news

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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