Mon. May 20th, 2024

UNITED STATES EIA NATURAL GAS STORAGE CHANGE REGISTERED AT 50B, BELOW EXPECTATIONS (54B) IN APRIL 12

UNITED STATES EXISTING HOME SALES (MOM) CAME IN AT 4.19M BELOW FORECASTS (4.2M) IN MARCH

UNITED STATES EXISTING HOME SALES CHANGE (MOM): -4.3% (MARCH) VS PREVIOUS 9.5%

FED’S WILLIAMS: NO URGENCY TO CUT RATES

New York Federal Reserve President John Williams said on Thursday that he doesn’t feel an urgency to cut rates, per Reuters.

Key takeaways

Fed is data dependent and the data have been very good.”

“We have a strong economy.”

Fed rates haven’t caused the economy to slow too much.”

“Economic imbalances have been reduced.”

“Monetary policy is in a good place.”

“I don’t feel urgency to cut rates.”

“Eventually interest rates will need to be lower.”

“Rate cuts will be determined by economic activity.”

“Fed rate hikes are not my baseline forecast.”

“If data called for higher rates, Fed would hike.”

Market reaction

The US Dollar Index showed no reaction to these comments and was last seen rising 0.1% on the day at 105.95.

US: INITIAL JOBLESS CLAIMS INCREASED BELOW ESTIMATES LAST WEEK

  • Initial Jobless Claims rose by 212K vs. the previous week.
  • Continuing Jobless Claims rose by around 1.812M.

US citizens that applied for unemployment insurance benefits increased by 212K in the week ending April 13 according to the US Department of Labor (DoL) on Thursday. The prints came in a tad below initial consensus (215K) and matched the previous weekly gain (212K revised from 211K).

Further details of the publication revealed that the advance seasonally adjusted insured unemployment rate was 1.2% and the 4-week moving average stood at 214.50, unchanged from the previous week’s revised average.

In addition, Continuing Claims increased by 2K to 1.812M in the week ended April 6.

Market reaction

The US Dollar Index (DXY) clings to its daily gains around the 106.00 neighbourhood in the wake of the release.

UNITED STATES CONTINUING JOBLESS CLAIMS FELL FROM PREVIOUS 1.817M TO 1.812M IN APRIL 5

UNITED STATES PHILADELPHIA FED MANUFACTURING SURVEY CAME IN AT 15.5, ABOVE FORECASTS (1.5) IN APRIL

UNITED STATES INITIAL JOBLESS CLAIMS CAME IN AT 212K BELOW FORECASTS (215K) IN APRIL 12

UNITED STATES INITIAL JOBLESS CLAIMS 4-WEEK AVERAGE INCREASED TO 214.5K IN APRIL 12 FROM PREVIOUS 214.25K

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