Following a yearlong lockdown; now the job market starts showing some improvements in the first quarter. However, jobless claims are still at historically high levels. This situation caused in the market due to businesses were not able to sustain themselves during pandemic hit.
US initial jobless claims projected to fall to 725K from 745K. The fall in the unemployment claims might support the US dollar in the near-term against its major peers. However, before the US jobless claims, the data market will be eyeing the ECB meeting. This meeting probably set the shift in the pattern for the intraday period.
The $1.9 trillion relief bundle approved by Congress; its $1400 individual payment will bring the psychology support by the pandemic hit in the near-term future. However, rising inflation is raising further concern for the US dollar in the short-term period.
Following the February Nonfarm payrolls, investors must be looking for job recovery to balance the claims side in the labour market. Interest rates and the dollar are ready for the swift US economic recovery.