US Initial Jobless Claims Preview: Markets unlikely to heed economic developments awaiting presidential debate

US Initial Jobless Claims, due out later at 12:30 GMT, may be of greater interest than usual after jumping to 898,000 in the previous week. The upcoming data is for the week ending October 16, when Non-Farm Payrolls surveys are held. Nonetheless, these employment figures are losing the prediction panache, according to FXStreet’s Analyst Joseph Trevisani, and the market response is set to be muted. 

Key quotes

“Initial Jobless Claims are predicted to drop to 860,000 in the week of October 16 following a jump to 898,000 in the prior week. Continuing Jobless Claims are projected to fall to 9.5 million in the week of October 9 from 10.018 million, which would be the lowest total since the claims began their historic rise in late March.”

“Even though the exceedingly slow improvement and occasional reversals in claims have been the major disappointment of the recovery, they have not altered the general view that the economy is getting better. Nor have they lit the crisis beacons for a new stimulus package from Congress where discussion remains mired in election politics.”

“For markets, the slow decrease and fitful jumps in claims are background, they have lost the ability to surprise or to convey pertinent information. There will be no market response. All eyes will be on Thursday evening's election confrontation in Nashville, Tennessee.”


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 


GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.


XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info