US Jobless Claims: Concrete numbers is better than the unknown

3.283 million workers file for unemployment insurance. Layoffs may increase as shutdowns spread across the economy, in the opinion of FXStreet’s analyst Joseph Trevisani.

Key quotes

“The decade long job boom came crashing to a halt this week when a record 3.283 million Americans applied for unemployment insurance as the Coronavirus pandemic shuttered large swaths of the US economy.”

“Next week’s initial jobless claims on Thursday and non-farm payrolls on Friday will be a second window into the economic carnage of the viral outbreak.  Payrolls are predicted to fall 293,000 and the unemployment rate to jump 0.5% to 4%.”

“The dollar saw moderate losses against the majors with the euro rising above 1.1000 for the first time in six-session and the dollar-yen falling through 110.00 as the crisis demand for the currency ebbed.”