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.

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The American inflation rate is announced on Tuesday at 15:30 MT. It’s an important event for traders as it will impact hugely currency pairs with the USD.

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