The main currency pair rose by the end of the week. The current EURUSD quote is 1.0780.
One of the reasons for this rise was the previously released weekly data on the number of claims for unemployment benefits in the US. The figure increased to 261,000 against the forecast of 236,000 and the previous value of 233,000.
The labour market is sending mixed signals. The rise in the number of claims is not related to seasonal factors, as the services sector is currently in need of a workforce. There is a possibility that these are the first signs of job cuts by large and medium-sized companies. If so, investors may face many unpleasant revelations.
The GDP data for the eurozone in the first quarter did not cause distress, although the indicators confirmed the recession in the region’s economy. A recession is defined as two consecutive quarters of declining GDP, which is what happened indeed. Capital markets say that this recession is the mildest the stock markets have ever seen.
There are few significant statistics today, but the market will be kept busy shaping expectations for the future meeting of the Federal Reserve in the US.