Dollar is under pressure

• Initial jobless claims, fact 234K, forecast 221K.

The number of initial claims for unemployment benefits rose for the second consecutive week, showing one of the maximum increases in unemployment for the year, actually indicating the possibility of unemployment growth after a long decline and causing a decline in the US currency.

Fig. 1. U.S. initial jobless claims chart

Negative data on the growth of the number of unemployed in the United States increased the correctional pressure on the US currency, which caused a rebound from the level of 96.70. Continuing pessimism in the market continues to support the dollar, but weak US employment data may trigger a significant correction. Resistance levels: 96.70-80, support: 96.50-40 and 96.00.

Fig. 2. The US dollar index chart. The current price is 96.50 (10-year government bonds yield is the blue line)

Read also: “Stock Indices: the US Market”

Hanzenko Anton

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