PREVIOUS TRADING DAY EVENTS 09 Nov 2023

Firsttime Jobless Claims figures in the U.S. were reported lower for last week signalling that layoffs remain low even as the reports regarding the labour market show strong signs of cooling.

Unemployment benefits fell 3K to a seasonally adjusted 217K for the week ended Nov. 4 from an upwardly revised 220K in the prior week. The claims data adds to the case for the U.S. Federal Reserve to keep interest rates on hold for now, economists said.

The claims data are consistent with a job market that is cooling enough to keep rate hikes off the table for now, but still too strong to make rate cuts a consideration any time, Nancy Vanden Houten, lead U.S. economist at Oxford Economics, said in a note. The Fed needs to see enough softening of labour market conditions and wage growth to be persuaded that inflation is on a sustainable path back to 2.

Inflation has fallen significantly to 3.4 but has made little further downward progress recently. The Fed meets once more this year, in midDecember, and interest rate futures markets reflect less than a 10 probability that policymakers will raise rates then, according to CME Groups Fed Watch tool.

Source httpswww.reuters.commarketsususjoblessclaimsfalllatestweekstillstronglabormarket20231109

Winners and Losers

The USDJPY still leads this week with 1.45 gains, followed by the USDCAD having 1.06 gains so far.
NZDUSD remains on the top for the months list with 1.61 gains.

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