Jobless Claims Rise As U.S. Cities and States Combat Covid-19

Daily Currency Update

USD - United States DollarNorth American equities posted their worst week since the global financial crisis with the S&P 500 falling to its lowest level in three years, ending the week 15 percent down. WTI is down 31.32 percent on the month, U.S. crude oil futures were down another 1.5 percent at $22.35 a barrel. This comes on the back of a flurry of emergency packages from G-7 central banks intended to buffer economies and financial markets against the global economic shutdown triggered by the coronavirus pandemic. The U.S. faces a wave of jobless claims as states from Ohio to Pennsylvania saw a surge in the number of people who have been laid off in recent days, overwhelming state labor agencies as cities shut down to halt the spread of the coronavirus. A report last Thursday showed a steep rise in claims for unemployment insurance; 281k, up from 211k the previous week. The initial report means that the U.S.'s unemployment data due out early next month could weigh heavily on the economy and the USD.