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The US weekly labor data is out!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
The unemployment claims registered in the US have been going flat for the last two weeks. 881K in the first week and 884K in the second week of September indicate that the labor market has finally withstood the blow of the virus and is now going through the stabilization phase. As it is unlikely that the numbers will rise, the question is how fast they will fall. This question eventually will affect the pace of recovery: the sooner the numbers drop, the faster the recovery will go. Observers expect to see some 850K initial jobless claims. USD may be pushed to the upside or downside depending on whether the actual data will outperform or underperform against this expectation.
- If the jobs data is better-than-thought, the USD will rise.
- Otherwise, it will fall.
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The European Central Bank is holding a meeting on April 22 at 14:45 MT time. What to watch?
The Bank of Canada (BOC) will publish the rate statement and the update on the interest rate on April 21, at 17:00 MT time.