US jobless claims experience biggest spike in history due to coronavirus

Last week 3.3 million Americans filed for unemployment insurance representing the largest spike in US history. Throughout the European trading session, investors maintained a risk-off sentiment as the US passed its largest peacetime stimulus ever. As we head into month-end trading and during this time of uncertainty, FX market volatility will likely remain at historically high levels.

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  • FX Rates
    March 26, 2020

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.

  • USD
    The US dollar is extending losses for a third day as commodity-linked currencies trade higher and central bank announcements from the Bank of England and European Central Bank. Data showed the largest spike in jobless claims in US history with 3.3 million American’s filing.
    Sterling is trading 1% higher having touched 1.2002 overnight. The pound continued to stay stronger after the Bank of England maintained interest rates at record lows.
    EUR/USD rose following announcement from the European Central Bank that its emergency program would remove restrictions on the sovereign debt it can purchase in an effort to protect the economy from the coronavirus fallout. EUR/USD climbed to a high of 1.0970 moving towards a fourth day of gains.
    The Canadian dollar along with other commodity linked currencies benefited from the $2 trillion stimulus program announced by the US. The loonie is 0.5% stronger trading around the 1.41 handle.
    The Japanese yen gained vs the US dollar on overall dollar weakness with USD/JPY trading below the 110 handle. The continued concern over the spread of the coronavirus pandemic in the US is supporting the JPY. 
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Cate Camerota
Cate Camerota

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