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June 4th - Initial jobless claims in the U.S. for the week ending May 30th were 225,000, higher than the expected 213,000 and the revised previous weeks 212,000, marking the highest level since the first week of February. The four-week moving average was 214,750, higher than last weeks 208,250. Continuing jobless claims were 1,777,000, slightly lower than the expected 1,780,000. The rise in initial jobless claims indicates a weakening employment situation, but it remains relatively low and stable. Continuing jobless claims declined slightly. It should be noted that continuing jobless claims data has a one-week lag, so next weeks data will correspond to this weeks initial jobless claims data. U.S. stocks traded mixed in pre-market trading, with Dow Jones futures up 1%, S&P 500 futures down 0.22%, and Nasdaq futures down more than 1%. U.S. Treasury yields fell, with the 2-year Treasury yield at 4.039%, down 4.5 basis points; the 10-year Treasury yield at 4.455%, down 3.8 basis points; and the 30-year Treasury yield at 4.960%, down 3.0 basis points.The number of Americans filing for unemployment benefits for the week ending May 30 was 225,000, the highest since the week ending February 7, 2026.The number of Americans continuing to claim unemployment benefits for the week ending May 23 was 1.777 million, compared with an expected 1.78 million and a revised 1.785 million for the previous week (originally reported as 1.786 million).According to Hong Kong Stock Exchange documents, Silvercorp Metals Inc. has submitted a listing application to the Hong Kong Stock Exchange.S&P Global has launched a credit memo generation tool powered by intelligent agent-based artificial intelligence.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.

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