United States released positive economic data in the form of initial jobless claims and nonfarm productivity. The initial jobless claims data showed a decrease in the number of Americans filing for unemployment benefits. This positive development suggests that the job market is improving, with fewer individuals seeking unemployment benefits.
On the other hand, the nonfarm productivity data painted a mixed picture. While productivity grew at a healthier pace compared to the previous quarter, it was still below the long-term average. This suggests room for improvement in the efficiency of the U.S. economy.
Today’s given signal : https://t.me/calendarsignal/10815
Following the release of these economic data, investors remained focused on the potential impact of Federal Reserve Chairman Jerome Powell’s comments regarding interest rates. Mr. Powell had previously made remarks that influenced the movement of the gold pair, which consists of the gold price and the U.S. dollar.
Investors were closely watching to see if Mr. Powell’s comments would once again have an impact on the gold pair. Previous statements by Mr. Powell had triggered fluctuations in the gold price as investors interpreted his comments as signalling a potential shift in monetary policy.
On the day in question, Mr. Powell delivered his remarks at an economic conference. Investors closely monitored his statements for any indications regarding interest rates, inflation, and the state of the economy. Any significant change in Mr. Powell’s tone or messaging could impact the gold pair and could potentially affect investor sentiment and gold prices.
In summary, on 7th March 2024, the U.S. released positive initial jobless claims data, but nonfarm productivity growth remained below the long-term average. Investors were closely watching Federal Reserve Chairman Jerome Powell’s comments to gauge their impact on the gold pair.
Highlights from Powell’s prepared statement
“It will likely be appropriate to begin dialing back policy restraint at some point this year.”
“Policy rate likely at its peak for this cycle.”
“The Economic outlook is uncertain; ongoing progress to 2% inflation is not assured.”
“We will carefully assess incoming data, evolving outlook, balance of risks.”
“Risks to both cutting rates too early and too fast as well as too late or too little.”
“The labor market remains relatively tight.”
“Fed’s restrictive stance is putting downward pressure on economic activity and inflation.”
“Labor demand still exceeds supply; nominal wage growth has been easing.”
“Risks to achieving dual goals moving into better balance.”
“While inflation is still above 2%, it has eased substantially.”
“The economy has made considerable progress over past year on dual mandate.”
Previous released data results :
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