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US Initial Jobless Claims Preview: Markets look for evidence of the extent and duration of the slowdown

US initial jobless claims are set to stabilize below the 800,000 level as the US economy continues struggling with covid. 

The dollar has recovered modestly over the past week of trading as US Treasury rates have increased with the 10-year holding above 1% for the first time since March. The job report is set to determine the fate of the greenback this Thursday, FXStreet’s Analyst Joseph Trevisani informs.

Key quotes

“First-time filings for unemployment benefits are expected to dip to 780,000 in the January 8 week from 787,00 prior. Continuing Claims are were 5.072 million and the four-week moving average was 818,750 in the week of January 1.”

“The expectation for additional stimulus spending from the incoming Biden administration combined with the vaccine roll-out has let markets focus on an optimistic future rather than the current economic struggle.”

“Whether the positive outlook remains in charge depends on the job market and that, in turn, is foretold by the weekly claims numbers. For the immediate future, the direction of the dollar is a Thursday event.”

 

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