At 8:30 PM WIB, the United States (US) released its latest unemployment claims data, which serves as an indicator of the labor market’s initial conditions. The reported claims stood at 219,000, notably below the forecast of 233,000 set by Trading Central, and also lower than the previous week’s figure of 220,000.
This decrease in unemployment claims alleviates fears regarding a significant downturn in the US labor market, particularly after it had recently reached a two-month high. The outcome aligns with the Federal Reserve’s latest projections, suggesting that only minimal interest rate cuts will be necessary in the coming year. This implies that inflation continues to be viewed as a more pressing threat than any potential weakness in the labor market.
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In the wake of this data release, gold prices have declined to $2,610 from $2,627. Similarly, the major currencies, EURUSD and GBPUSD, are also experiencing downward pressure following the announcement.
