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Today’s Waves – 10th September

ECB keep rates unchanged

As many had expected, the European Central Bank today opted to keep interest rates unchanged.

In addition to rates, the ECB also decided to make no adjustments to its coronavirus stimulus package, despite recent gains in Euro strength. Regarding the matter, ECB President Christine Lagarde stated that, “The Governing Council discussed the appreciation of the euro, but as you know we don’t target the exchange rate”.

The DAX fell from yesterday’s high of 13,311, hitting an intraday low of 13,150 early in the European session. EURGBP hit its highest level since 25th March.

Correction over? U.S. Stocks rally again

After starting the week in the red, U.S. stocks rallied on Thursday, once again led by a rise in tech stocks.

Notable names which gained today included Apple, which is America’s largest company, and was up 1.8%, while Tesla gained 6.1% to all but recover from losses earlier in the week. In addition to those, Amazon, Microsoft and Facebook also rose and were a major reason for the gains to the S&P 500 and NASDAQ.

In mid-day trading the Dow Jones was up 0.68%, S&P 500 rose 0.74%, and the NASDAQ gained by close to 1.32%.

U.S. jobless claims stalling

Another Thursday saw the Labor Department release its weekly Jobless Claims report. This has become a key indicator in recent months to track the U.S. workforce during COVID-19.

The report showed that initial claims for state unemployment benefits were unchanged from last week and were recorded at 884,000 for the week which ended 5th September.

Claims for the most part have dropped on a weekly basis, since the peak of over 6 million in March.

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