Wall Street traded mixed on Thursday after initial jobless claims data raised concerns over the health of the US labour market amid the ongoing pandemic.
After a strong start to the month momentum is slowing as investors evaluate the economic recovery. Initial jobless claims rose to 793k above the 757k expected.
The US Dollar weakened further as the DXY dropped below 90.4. after Chair Jerome Powell reinforced the Fed’s accommodative stance.
China and Hong Kong’s equity markets will remain closed due to the Lunar New Year holiday, which could mean lower trading volumes
The economic calendar for the coming week is light. On Friday Indian inflation data for January along with manufacturing and industrial production figures for December will be released. The Indian Rupee could strengthen against the Greenback, but a weaker CPI print could raise RBI rate cut bets.
The Australian Dollar trading broadly higher AUD/USD and AUD/NZD trade near multi-week highs. Aussie-Dollar strength comes following dovish comments from RBA board member Ian Harperwho indicated that the central bank could extended QE further if necessary. Even so the Aussie could have been focusing on risk trends and on the weaker Greenback.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.
