© Reuters.
Investing.com – Some important data has now been released that should give an overview of the outlook, as the weekly unemployment data and GDP data now missed expectations.
Today’s data reflects a different view of the Fed’s vision, which desires a weak labor market and greater unemployment to achieve a soft recession and then lower inflation, as applications for unemployment benefits decreased, i.e. they came less than the market’s expectations, and less than the week before last. In addition, the economy achieved higher-than-expected growth, but less than the rates recorded in the third quarter.
Markets reacted to the data, now deepening losses. While consolidating his gains on the other hand.
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Unemployment and GDP data
Quarterly data was issued, and it recorded a growth of 2.9% in the fourth quarter of last year, while it was expected to record a growth of 2.6%, and recorded a growth of 3.2% in the third quarter.
As for it, it increased by 3.5%, higher than experts’ expectations by recording 3.3%, and recorded in the third quarter by 4.4%.
It recorded 186,000 applications, less than the forecast of experts, who expected 205,000. Especially since it had recorded 192 thousand the week before last.
Thus, it decreased in 4 weeks to 197.5 thousand, after recording the week before last 206.75 thousand.
The weekly unemployment indicator provides very timely data, identifies the amount of individuals who claimed unemployment insurance for the first time during the past week and traders see the unemployment rate as an indicator that gives little indication of the future performance of the economy. The two downtrends have a positive effect on the country’s currency, as working people tend to spend more money.
Gold and the dollar now
The US dollar fell during the current moments, at levels near $ 1932 an ounce, down by 0.75%.
On the other hand, futures contracts for the yellow metal decreased during these moments of today’s trading by 0.55%, down to levels near $ 1933 an ounce.
The dollar now interacted with the unemployment data just released, and now recorded levels of 101.6, up by about 0.25%, after it was somewhat stable before the data.
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