Due later on Thursday, the United States weekly jobless claims are expected to rise to around a million. It would be well above the previous peak seen during the global financial crisis.
Some analysts even think that jobless claims can exceed one million. It is because companies are expected to shed workers rapidly.
Draconian restrictions on personal movement aim to slow down the spread of the coronavirus. Thus, many people expect that it will cause a global recession.
Jerome Powell is the Federal Reserve Chairman. He will speak on United States television at 1100GMT. Powell might provide the information concerning the policymakers’ response to the pandemic.
On Wednesday, the United States Senate approved a $2 trillion emergency package. Moreover, on Friday, there will be a vote concerning the packaging. After that, the United States President Donald Trump will most probably swiftly sign the bill into law.
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United States
On Thursday, the euro rose 0.31% to $1.0912. Trading at 1.0631, the common currency held on to gains against the Swiss franc.
On Wednesday, the German lower house suspended the country’s debt. Also, they approved a debt-financed supplementary budget of 156 billion euros. It is to pay healthcare and keep companies afloat.
In the decade’s first quarter, Singapore’s economy suffered its most significant contraction. That is what data on Thursday showed. The coronavirus prompted the city-state. It was to cut its full-year gross domestic forecast and plan for a deep recession.
On Monday, the Singapore dollar hit the lowest in more than ten years. After the gross domestic product data, it barely budged. Nevertheless, the figures are most likely to reinforce fears that global activity will hugely contract in the first half of the year. Singapore is one of the world’s most open economies.
The Australian dollar declined 0.43% to $0.5934, while the New Zealand dollar fell by 0.24% to $0.5837.
