Tag Archives: unemployment rate

Latest news and key economic events

Latest news and key economic events: Our Weekly Market Analysis provides information that helps make informed financial market decisions.

 

Content

Economic Calendar

Gold

Oil

Dow Jones Industrial Average

GBPUSD

EURUSD

USDJPY

 

 

Economic Calendar

Tuesday, April 30

German Gross Domestic Product (Quarterly) (Q1)-EUR
Consumer Price Index (Yearly) (April)-EUR
CB Consumer Confidence Index (April)-USD

Wednesday, May 1

Change in Non-farm Private Sector Jobs by ADP (April)-USD
Job Openings (JOLTs) (March)-USD
Federal Reserve’s Interest Rate Decision-USD

Thursday, May 2

Unemployment Claims Rates-USD

Friday, May 3

Average Hourly Earnings (Monthly) (April)-USD
Private Sector Employment Report (April)-USD
Unemployment Rate (April)-USD

 

Gold

Gold fell by more than 3.5% during this week’s trading but managed to close the week with a 2.00% drop,
following some recovery at the end of the week.

Simultaneously, this week features several key economic events, including the release of the Consumer Confidence Index,
unemployment data, the Federal Reserve meeting, and decisions on interest rates.

Furthermore, any developments in the Middle East will likely drive gold prices higher.
On the technical front, gold stabilizes above the support levels of 2300 after rising from the harmonic AB=CD pattern,
with further ascents to levels of 2365 expected.

scents to levels of 2365 expected.

 

Oil

Prices of West Texas Intermediate crude oil futures stabilized around $84 per barrel after rebounding from daily demand zones.
Subsequently, prices rose, bolstered by improved demand forecasts and ongoing supply risks related to conflicts in the Middle East.
The latest data revealed that U.S. crude inventories fell by 6.37 million barrels last week.

Consequently, prices are expected to revisit the main peak again,
as downward momentum declines and oscillators stabilize at relatively moderate levels.
However, if prices decline and there is confirmation of breaking the highlighted demand zone,
retesting the support area of $76 – $75 is likely.

 

 

 

 

Dow Jones Industrial Average:

The Dow Jones Industrial Average rose about 0.5% during last week’s trading.
This week is full of economic data including the Consumer Confidence Index, unemployment data,
the Federal Reserve meeting, and interest rate decisions.
Technically, the index has stabilized above support levels of 37765-37880,
Further ascents to levels of 38600 are expected.

 

GBPUSD

The pound stabilized around 1.24 dollars, rebounding from a support level of around 1.23,
but there was a false breakout attempt at the resistance level of 1.25.
If it breaks the resistance level of 1.2500 with signs of bullish momentum and oscillators at buying levels,
it is expected to rise to levels of 1.2800 – 1.2895.
If it does not surpass the resistance, it may retest the low around 1.2300,
and if a break below is confirmed, a further drop to 1.2185 is likely.

 

EURUSD

The EURUSD pair rose about 0.35% during last week’s trading.
This week is packed with economic data including the Consumer Confidence Index, unemployment data,
the Federal Reserve meeting, interest rate decisions, and the German Consumer Price Index.

“Technically, the price positions itself above the lower boundary of the rising price channel near the support level of 1.0700.
We expect further ascents for the pair to reach levels of 1.0760.”

 

USDJPY

The yen fell to its lowest level in 34 years as the Bank of Japan kept interest rates steady,
as widely expected, despite pressures resulting from the sharp decline in the yen’s value.
With prices stabilizing at high levels and strong bullish momentum signals supporting further ascents,
it is expected to reach 160.
However, if it breaks the level of 158 with oscillators at strong overbought levels,
retesting levels of 155 down to support around 153 is likely.

 

Latest news and key economic events

The unemployment rate in the UK rose above expectations

The unemployment rate in the UK rose above expectations: The UK unemployment rate rose to 3.9% from November 2023 to January 2024, largely unchanged from the previous quarter but slightly above the market consensus of 3.8%. The number of unemployed individuals fell by 8,000 to a total of 1.36 million, driven by those out of work for up to 12 months.

 

Content
The dollar declines as traders await inflation data
The unemployment rate in the United Kingdom rose above expectations
Japanese 10-year bond yields jump to the highest level in 3 months

 

 

 

The dollar declines as traders await inflation data

The dollar index settled around 102.8 in weak trading today
as investors awaited a key US inflation reading that could provide clues to the Federal Reserve’s monetary policy path.
Last week, the dollar lost more than 1%, as Fed Chair Powell told Congress
that the central bank still needs to become more confident
that inflation is moving sustainably toward 2% before cutting interest rates, although it is not far off.
About that. Meanwhile, data on Monday showed that US consumer inflation
expectations for next year held steady at 3% in February.

The CPI is expected to remain high in February due to higher gasoline prices,
but core inflation is likely to slow further amid falling car prices and rising rents.
Markets are not currently anticipating any interest rate cuts by the Fed in March and May, but are betting on a cut in June.

 

The unemployment rate in the United Kingdom rose above expectations

The UK unemployment rate rose to 3.9% from November 2023 to January 2024,
largely unchanged from the previous quarter but slightly above the market consensus of 3.8%.
The number of unemployed individuals fell by 8,000 to a total of 1.36 million,
driven by those out of work for up to 12 months.
Meanwhile, the number of people out of work rose for more than 12 months in the latest quarter,
after declines over the past year. The number of workers decreased by 21,000 to 33.18 million,
with the number of part-time workers declining. Conversely, the number of full-time employees increased during the quarter.
In addition, the number of people working in second jobs continued to decline in the last quarter,
representing 3.5% of all employed individuals. Finally, the economic inactivity rate increased by 0.1 percentage points to 21.8%.

Japanese bond yields for 10 years jump to the highest level in 3 months

The yield on 10-year Japanese government bonds jumped to a three-month high above 0.76%,
while the two-year yield rose about 0.2%, the highest level since 2011,
as data showed that producer prices in Japan rose more than expected in February.

Data released earlier this week also showed that the country’s economy returned to growth in the fourth quarter of 2023,
avoiding a technical recession. Along with higher wages, the latest batch of economic data
in Japan has raised expectations that the Bank of Japan may start raising interest rates soon,
with some traders betting on a rate hike in March.
In addition, Bank of Japan Board Member Junko Nakagawa recently stated that
“the economy’s prospects for a positive cycle of inflation and wages are on the horizon”

 

The unemployment rate in the United Kingdom rose above expectations