July jobs report could show no progress and even reversal as virus spreads
Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. John Sommers II Persistently high unemployment claims show the impact of the spreading...
Mnuchin says GOP plan for unemployment extension will be based on ‘70% wage replacement’
The Republican coronavirus relief plan will extend enhanced unemployment insurance “based on approximately 70% wage replacement,” Treasury Secretary Steven Mnuchin said Thursday. The Treasury secretary also said a payroll tax holiday, which President Donald Trump has repeatedly pushed for, “won’t be...
Covid-19 spurs domestic bank M&A in Africa
Access Bank’s Zambian subsidiary announced plans for the acquisition of a 100% stake of domestic lender Cavmont Capital Holdings Zambia in mid July. Following the collapse of Equity Bank’s plans to acquire Atlas Mara’s subsidiaries in Rwanda, Zambia, Mozambique and...
European PMIs: More Good News for the Euro?
With the EU recovery fund deal now in the rear-view mirror, euro traders will turn their sights to the Eurozone’s preliminary PMIs for July, due at 08:00 GMT Friday. Forecasts point to an uptick in all indices, reflecting the smooth...
Weekly claims turn higher as coronavirus jobs crisis inflicts more damage
The number of Americans who filed for unemployment benefits rose more than expected last week as the coronavirus pandemic inflicted more damage to the U.S. economy. The Labor Department said Thursday initial jobless claims came in at 1.416 million for...
Markets Shrug Rebounding Jobless Claims, Sterling Lower on Brexit Stalemate
Sterling tumbles broadly today as another round of Brexit negotiations ended without making any significant progress. Though, Aussie is even weaker as traders are finally taking profits on this week’s strong rally. Swiss Franc, on the other hand, rebound strongly,...
Weekly claims turn higher as coronavirus jobs crisis adds more pain
The number of Americans who filed for unemployment benefits rose more than expected last week as the coronavirus pandemic continues to batter the U.S. economy. The Labor Department said Thursday initial jobless claims came in at 1.416 million for the...
EURJPY Retreats after Reaching 7-week High
EURJPY is on the sidelines after it reached a fresh seven-week high around 124.28 and it looks ready for a possible pull back. Technically, the RSI is returning lower after it climbed to the overbought zone, while the stochastic is...
USDCHF Surrenders To Bears, Nearby Support Eyed
USDCHF is bearishly exposed to the nearby 0.9258 support level after failing to crawl above the 61.8% Fibonacci retracement level of the March rally last week. The technical indicators are framing a discouraging picture for the short-term too, as the...
Stock Rally Despite Mixed Corporate Earnings
US stocks have returned to growth after a wobbling session on Wednesday. During the turbulent session, investors focused on mixed quarterly reporting and the debate over further stimulus. The benchmark S&P 500 index rose 0.62%, and Dow added 0.57%. Nasdaq...