Dollar High on U.S. Jobless Claims


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On Thursday, the announcement for the number of Americans filing applications for unemployment benefits unexpectedly declined last week, reflecting continuing strength in the labour market despite a drastic slowdown in hiring in May. The labour Department said, “Initial claims for state unemployment benefits fell 4k to a seasonally adjusted 264k for the week ended 4th Jun.”

The U.S. dollar index surged by 50 pips on Thursday and traded at 94.10 level.

Euro fell to $1.1310 vs. USD, negatively affected by strong USD and could settle at such level during today’s trading session.

The pound declined on Thursday as investors abandon risky assets amid fears of a Brexit. GBP traded near $1.4450 and could fall to $1.45 by the end of the week.  The Cable could trade heavily in the coming week ahead of the EU referendum.

Dollar recovered vs. JPY and traded above 107 levels as the number of Americans filing for unemployment benefits unexpectedly declined last week. From a technical point of view, the pair could settle around 107 levels in anticipation of the Fed and BOJ meeting next week.

Gold continued its gains, touching the resistance level of $1,267.  The precious metal could rise further to $1,300 if it can hold its own above the resistance levels of $1,280. Such scenario is not easy for the yellow metal as the dollar is recovering.

On Thursday, Oil prices declined on profit taking and WTI traded at $50, which became a support level. From a technical point of view, breaking this level upside may support oil during the coming period.

The most important economic events:

  • CAD Unemployment Rate (MAY): (GMT 14:30) – Important – Forecast (7.2%) – Previous (7.1%).
  • CAD Net Change in Employment (MAY): (GMT 14:30) – Important – Forecast (1.8k) – Previous (-2.1k).
  • USD U. of Michigan Confidence (JUN P): (GMT 16:00) – Important – Forecast (94.5) – Previous (94.7).
  • USD Monthly Budget Statement (MAY): (GMT 20:00) – Medium

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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