Unemployement Benefit Claims Fall

Market Overview
Read time 0.7 minutes

Year To Date Performances:

1. Last week, initial claims for unemployment benefits surprisingly dropped by 9,000 to 228,000, marking the lowest level in two months. This development caught experts off guard as consensus expectations predicted a 5,000 increase. However, continuing claims saw their most significant rise in over three months. Despite the increase in continuing claims, the overall data indicates the labor market's continued resilience amid the ongoing economic challenges.

2. Institutional investors are displaying an unprecedented level of bearishness towards the US dollar, with net short positions on USD surging by 18% in the past week. This sentiment is largely influenced by ongoing progress in taming inflation, which could lead to a less hawkish approach from the Federal Reserve. Consequently, the dollar faces potential headwinds as investors closely monitor the central bank's next moves.

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4. Headlines

   1. Housing supply is low as homeowners don’t want to move due to higher mortgage rates on a new property.

   2. Hedge funds are reducing their exposure to equities as gross leverage hits record highs.

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