The number of Americans filing for unemployment benefits rose more than expected last week, hitting the highest level over the past seven weeks, official figures revealed on Thursday. The US Department of Labour reported initial jobless claims rose by 15,000 to a total of 258,000 in the week ended March 17, up from the preceding week's upwardly revised reading of 243,000. In the meantime, market analysts expected unemployment claims to hit 240,000 during the reported week. Nevertheless, even despite the uptick in last week's claims, US labour market remained solid, with employers being slow to dismiss workers, as it becomes rather difficult to fill vacancies with experienced employees.
The February figure marked the 80th consecutive week of claims below 300,000, which is widely considered as a healthy jobs market. Apart from that, Thursday's report also featured yearly alterations for previously reported initial and continuing claims, with the latter benchmark dropping 39,000 to settle at 2M over the week ended March 10, while the unemployment rate among those eligible for jobless benefits managed to decline to 1.4% from the 1.5% reading registered previously.
Upcoming events: Evans speaks and Durable Goods Orders
This week will end with two minor events in the US, that are unlikely set to influence the financial markets not more than by causing minor volatility. First of all FOMC member Evans will give a speech at 12:00 GMT. Secondly, at 12:30 GMT the US Durable Goods Orders and Core Durable Goods Orders data will be published. This data release will be covered on the online webinar by the Dukascopy research team.
Gold fluctuates near 1,245 mark
Daily chart: The yellow metal traders are expecting the fundamentally important vote on US healthcare, which will reveal, whether Donald Trump can get legislation passed. Due to that reason the bullion bounced around the 1,245 mark on Friday morning. From a technical perspective the commodity price is squeezed in between the weekly R1 at 1,242.38 and the 50.00% Fibonacci retracement level at 1,248.96, which is enforced by the long term downward trend line at 1,250.12. Due to this trend line it can be assumed that the legislative bill will not be passed. However, it might as well be easily broken, and market participants should stay vigilant.SWFX traders once more neutral
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 24 and March 24 expect, on average, to see the metal near 1,300 in April. Generally, 53% (+3%) of participants believe the price will be above 1,300 in ninety days. Alongside, 35% (-2%) of those surveyed reckon the currencies will trade in the range between 1,100 and 1,300 over the next three months.