© Reuters
Investing.com – The US Unemployment Claims and the Philadelphia Manufacturing Index are now out, which should provide more clues about the Fed’s next monetary policy move.
Unemployment data indicates that the labor market remains strong after jobless claims fell. Which motivates the Fed to continue its tight monetary policy.
It reacted to the data just released, as it now reversed to turn bearish, while also turning from bearish to bullish.
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data just released
It recorded 228,000 applications, less than the forecast of experts, who expected 242,000. Especially since it had recorded 237 thousand the week before last.
Thus, it rose in 4 weeks to 237.50 thousand, after it recorded 246.75 thousand the week before last.
On the other hand, the Philadelphia index for manufacturing industries in July recorded -13.5 points, while expectations had indicated a recording of -10 points, and the previous reading was at -13.7 points.
Gold and the dollar now
It fell by 0.15% to $1,978 an ounce.
While spot contracts fell by 0.1% to 1975 dollars an ounce.
On the other hand, the dollar index rose 0.2% to 100,180 points.
2023-07-20 12:32:00
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