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investingLive Americas market news wrap: Jobless claims fall to the lowest since early Nov
Key Takeaways (30s Read)
Jobless claims fall to the lowest since early November, providing bullish signals for the USD.
Recent US labor market data suggests stability, with initial jobless claims falling to 198,000, below expectations of 215,000. This marks the lowest level since early November, boosting the US dollar's strength. The Philadelphia Fed's January index came in strongly at 12.6 versus a forecast of -1.0, while the NY Fed manufacturing index also surpassed estimates. These indicators point to a stable job market, and the Fed remains patient in its rate decisions.
Market sentiment shifts away from rate cuts, with April odds decreasing to 37%, further supporting the dollar's bullish momentum. Energy prices plummeted, yet banking stocks showed resilience, particularly post-earnings from Goldman Sachs and Morgan Stanley.
AI Analyst
AI Opinion
"The drop in jobless claims is a clear indication of strength in the US economy, bolstering support for the dollar. The increased likelihood of the Fed adopting a non-dovish stance could lead to further dollar appreciation. The improvement in manufacturing indicators suggests broader economic stability, which could particularly impact the rebound of tech stocks in the market. While oil price volatility remains a concern, strong bank performances may provide a ripple effect across other sectors. Upcoming key economic data releases are expected to influence market trends significantly."
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