US weekly jobless claims data came volatile this week. Markets have been using them as a guide to identify the US job market’s turning point for a few weeks now. In the early days of the epidemic, the same thing took place the other way around. Relying on a weekly figure that is known for its high volatility indicates that you add a lot of extra weekly volatility. especially when you are caught off guard.<\/p>\n\n\n\n
<\/p>\n\n\n\n
US Treasuries have recently increased due to higher-than-anticipated weekly claims. Yesterday, the markets anticipated more of the same, but claims dropped from 265k to 239k (vs. 265k expected and lowest in a month), which led to a sell-off in US Treasuries. Indicatively setting the scene on Wednesday was Fed Chair Powell’s refusal to rule out consecutive rate increases in July and September, a possibility that wasn’t disregarded in the US money markets.<\/p>\n\n\n\n
<\/p>\n\n\n\n
US yields rose by 9.2 bps (30-yr) to 16.4 bps (5-yr) in a daily perspective, with real yields driving the move higher. The US 2-yr yield (4.86%) rose to its highest level since mid-March and keeps the 5.08% cycle top on the radar.<\/p>\n","protected":false},"excerpt":{"rendered":"
US weekly jobless claims data came volatile this week. Markets have been using them as a guide to identify the US job market’s turning point for a few weeks now. In the early days of the epidemic, the same thing took place the other way around. Relying on a weekly figure that is known for …<\/p>\n","protected":false},"author":13,"featured_media":53032,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7070,7164],"class_list":["post-86010","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-jobless-claims","tag-powell"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=86010"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86010\/revisions"}],"predecessor-version":[{"id":86011,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86010\/revisions\/86011"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53032"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=86010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=86010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=86010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}