The largest economy in the world is certainly not bulletproof against the novel coronavirus outbreak and this stark reality was reflected in the latest US initial jobless claims figures.
A total of 6.65 million Americans applied for unemployment benefits last week which was double the previous record set at 3.3 million amid the widespread economic shutdown and chaos caused by the pandemic. These abysmal figures are painting a gloomy picture over how badly the coronavirus has hit the US economy with the pace of layoffs expected to accelerate as recession fears mount.
The Dollar appreciated despite the disappointing initial jobless claims data with the Dollar Index (DXY) pushing back above100.00. King Dollar is still considered as a destination of safety despite the horrible economic data from the United States. There is also a sentiment that if things are this bad in the largest economy in the world, how bad are things across the globe?
Technical traders will continue to closely observe how prices behave around 100.00 ahead of the US jobs report on Friday. Will the Dollar still be considered as a hotspot of safety if the US jobs report fails to meet market expectations? This is a question on the mind of many investors.
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