US Initial Jobless Claims: The scale is proving gargantuan

Weekly jobless claims figures showed catastrophic data. The impact on the dollar depends on policymakers’ reactions, according to FXStreet’s analyst Yohay Elam.

Key quotes

“US jobless claims are at 6.648 million in the week ending March 28. Devastating data is set to continue beyond April and cause long-term damage.”

“Dollar’s moves depend on politicians. If Washington works toward a new package of incentives, it will help stem the tide and weigh on the safe-haven dollar.” 

“Senate Republicans are reluctant to move forward. Without immediate help from the federal government, the pain to the economy and stocks would worsen. And for the greenback, it means more gains.”