© Reuters.
Investing.com – US unemployment claims data is now out, along with the Philadelphia Manufacturing Index, which should provide further signals on the Fed’s next steps on monetary policy after yesterday’s rate stabilization.
Unemployment claims data stimulates the Federal Reserve to end its tight monetary policy, after claims for aid rose and were higher than the previous reading and also higher than expectations. While the Philadelphia Manufacturing Index remained on the negative deflationary side, even with the reading being better than expectations and better than the previous reading.
After the release of the data, it is now declining, coinciding with the rise in gold futures and spot prices.
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Data just released
It recorded 231,000 orders, higher than experts’ expectations of 220,000. Especially since it recorded 218 thousand readings last week after adjusting the reading.
Thus, it rose in 4 weeks to 220.25 thousand, after recording 212.50 thousand last week.
The weekly unemployment index provides very temporary data, quantifies the amount of individuals claiming unemployment insurance for the first time during the past week and traders view unemployment as an indicator that gives a simple indication of the future performance of the economy. A downward trend has a positive impact on a country’s currency, as workers tend to spend more money.
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While it scored -5.9 points, expectations were at -9 points, while it recorded -9 points in the previous reading.
Outlines the general working conditions of industrial men in Philadelphia. This indicator is extracted from a survey in which a number of people are asked about the level of activity in the business sector in general, and they answer that it is “increasing,” “decreasing,” or “no change.” Although this survey is limited to industrialists in the state of Philadelphia only, currency traders are watching it closely because the Federal Reserve Bank of Philadelphia publishes this indicator weeks before other major economic reports on the industrial sector (such as the industrial production report and the IMF sector index industrial). The upward trend has a positive impact on the country’s currency, as good conditions in the industrial sector are an indication of the strength of the economy.
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Gold and dollar now
It is now rising 0.5% to $1,975 an ounce.
While it rose by 0.65% to $1972 per ounce.
On the other hand, the dollar index fell by 0.1% to 104.160 points.
2023-11-16 13:32:00
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