Dollar Firm Despite US Jobless Claims Carnage
Scandinavian Markets Research | Apr 02, 2020 10:19AM ET
The eagerly awaited U.S. jobless claims figure came in at 6.6 million for the week ending March 28, missing analyst expectations of 3.5 million and rising from 3.3 million in the prior week. The record-breaking figure underscored the extent of the damage caused to the U.S. economy by the coronavirus pandemic.
Reactions from the world’s leading economic minds highlighted the severe implications of the latest jobless claims release. Mohamed A. El-Erian, chief economic adviser to Allianz (DE:ALVG) Johns Hopkins University shows that coronavirus COVID-19 global cases have risen to 951,901, with 48,320 fatalities. The death toll in Spain passed 10,000 on Thursday, after both the United Kingdom and the United States reported their highest number of deaths in a single day on Wednesday. While there are indications that infections in Italy may be slowing, cases are still rising in many countries, including the United States.
Investors now look to Friday’s U.S. employment report. Analysts are expecting a drop of just 100,000 in nonfarm payrolls, but this is because the data only runs up to March 12th.
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