The number of Americans filing for unemployment benefits rose more than expected last week, official figures showed on Thursday. The US Department of Labour reported initial jobless claims rose to 243,000 in the week ended March 3, up from the preceding week's record low of 223,000. Meanwhile, market analysts expected claims would climb to 239,000 claims during the reported week. Last week marked the 105th consecutive week of claims below the benchmark 300,000 level. Analysts state that the US economy is at or near full employment, with companies struggling to find qualified candidates for job openings.
The strong performance of the labour market and rising inflation would probably force the Federal Reserve to raise rates at its next meeting on March 15. The Labour Department said there were no special factors influencing claims data. The four-week moving average of initial claims, considered a better measure of the labour market trends, advanced 2,250 to 236,500 last week. Thursday's report also showed continuous jobless claims dropped 6,000 to 2.06 million in the week ending February 25, while their four-week moving average fell 5,250 to 2.07 million. The US Dollar traded little changed after the release, as investors awaited Friday's NFP report.
Upcoming events: Mario Draghi
There is only one event scheduled to occur during Monday's trading session, and it is most likely to affect all of the markets on a larger scale than any macroeconomic data release. The event will be the speech of Mario Draghi, the president of the European Central Bank. He is set to start speaking at 13:30 GMT, as he outlines the future of the Euro Zone's monetary policy.
Gold continues to rebound
Daily chart: During the early hours of Monday's trading session the yellow metal's price had surged above the 1,210 mark, as the bullion continued the course of regaining its losses. The commodity price managed to pass a resistance cluster just below the 1,210 level, and the metal faced only the weekly PP at 1,211.87. The weekly PP is the last resistance level before the 1,219.20 mark, where the 38.20% Fibonacci retracement level is located at. Due to these factors combined, it is expected that the cluster below will provide enough support to push the metal's price higher.Traders are bullish
Spreads (avg,pip) / Trading volume / Volatility
Market participants foresee the price of Gold being at 1,300 in April
Traders who were asked regarding their longer-term views on gold between February 13 and March 13 expect, on average, to see the metal near 1,300 in April. Generally, 51% (-2%) of participants believe the price will be above 1,300 in ninety days. Alongside, 35% (+1%) of those surveyed reckon the currencies will trade in the range between 1,100 and 1,300 over the next three months.