DXY | EURUSD Post NFP Price action in line with Forecast |
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According to the latest US inflation data, which will be released at 13:30 GMT, rising energy costs and supply chain concerns will keep consumer prices on the rise. It is projected that core inflation would rise from 4.0 percent in September to 4.3 percent in October, while headline inflation will rise from 5.4 percent in September to 5.8 percent in October, a multi-decade high. The DXY is slightly higher at94.22, and the yield on the benchmark 10-year US Treasury note has risen by 3 basis points to 1.48 percent as we approach the release. Initial unemployment claims fell by a tiny amount in the week ending November 6th, a day sooner than normal owing to Veterans Day, the Labor Department said Wednesday.
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Numerous Federal Reserve officials hinted at the potential of raising interest rates in 2022 rather than2023, as well as a speedier finish to asset purchases, at the beginning of this week (tapering). Aside from Jerome Powell, this is the first time that inflation has managed to evade ephemeral rhetoric for the time being and prove to be more "sticky" than some had expected.Unemployment claims, Initial unemployment claims fell by a tiny amount in the week ending November 6th, a day sooner than normal owing to Veterans Day, the Labor Department said Wednesday. The number of people claiming unemployment benefits fell by 4,000 to 267,000, down from the revised figure of 271,000 for the previous week.
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Jobless claims were predicted to decline to 265,000 from 269,000 the previous week, according to economists. Since March14,2020, when they hit256,000, jobless claims have fallen for the sixth week in a row. This week's four-week moving average plummeted to a pandemic-era low of278,000, down 7,250 from the prior week's corrected average of 285,250. The weekly data revealed that the number of people claiming unemployment benefits for the week ending October 30th rose by 59,000 to 2.160 million.There was no change in the four-week moving average of continuing claims, which stood at2,245,000, down from the previous week's revised average of 2,355,750 and the lowest level since March21, 2020. Initial claims should continue to drop toward pre-pandemic levels, according to Nancy Vanden Houten, Oxford Economics' Lead Economist.
It's expected that the number of ongoing claims would decrease over time as more individuals return to work and as their benefits run out. US employment grew by more than predicted in October, according to a second Labor Department data issued on Friday. Non-farm payroll employment grew by 531,000 jobs in October, following a revised 312,000 jobs gain in September, according to the latest report. Since the previous month's 194,000 new jobs, economists predicted that employment would rise by 425,000. The unemployment rate decreased to 4.6 percent in October, its lowest level since March2020, as a result of the stronger-than-expected rise in employment. The unemployment rate was expected to drop to 4.7%.
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