Source: US Department of Labor The number of Americans submitting initial unemployment claims dropped to 199,000, the lowest level in over 52 years last week. DXY up +0.41%, EUR USD down -0.45% New filings amounted to 199,000 when the claims totaled 197,000. The Labor Department report beats Dow Jones estimates of 260,000.The Labor Department did not mention any special … [Read more...] about US Weekly Jobless Claims Sank To 199,000, The Lowest Level in Over 50 Years
Forex News
USDTRY Forecast as Turkish Lira Moves to Uncharted Territories
The Turkish lira is getting worthless by the day. The USDTRY pair jumped by as much as 15% on Tuesday. The same price action happened in other pairs like EURTRY and GBPTRY. This means that these three pairs have jumped by more than 40% this year. Turkish lira slump The Turkish lira has become one of the most worthless currencies in the emerging market. The pair slumped to … [Read more...] about USDTRY Forecast as Turkish Lira Moves to Uncharted Territories
US Non-Manufacturing Sector Improves as Diffusion Index Rises by 13 Points in Nov.
Source: Philadelphia Fed US level of non-manufacturing rose for the second straight month in November, with the diffusion index gauging current general activity up by 13 points to 47.0. SPY is down -0.11%, DXY is up +0.03%. 55% of firms reported an increase in the general activity, against 8% which reported declines.New orders index increased by 5 points to 19.2 in … [Read more...] about US Non-Manufacturing Sector Improves as Diffusion Index Rises by 13 Points in Nov.
Lira Breaches Psychological Barrier in Weekly Plunge on Erdogan’s Rate Cuts
Source: CNBC Turkey’s lira traded beyond 12.9 to the dollar on Tuesday, above 11, which is considered the “psychological” barrier to the greenback. USDTRY is up +14.04%. Ultra-low trading of the lira to the dollar was triggered by continued interest rate cuts by Turkish President Recep Tayyip Erdogan amid high inflation, which is now almost 20%.Erdogan has labeled the … [Read more...] about Lira Breaches Psychological Barrier in Weekly Plunge on Erdogan’s Rate Cuts
Eurozone Economic Growth Expanded in November as Prices Soared
Source: IHS Markit Eurozone business growth unexpectedly grew this month as consumers beat off another wave of COVID-19 infections and new restrictions as price pressures rose again. Euro Stoxx 50 down -0.93%, EUR USD up +0.25% IHS Markit’s Flash Composite Purchasing Managers’ Index rose to 55.8 in November from 54.2 in October.Chris Williamson, a chief business economist … [Read more...] about Eurozone Economic Growth Expanded in November as Prices Soared
