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People are going back to work as jobless claims drop

Russian Rouble Makes a Comeback, Jobless Claims Fall & European Business Activity Falls

Gold falls, as U.S. jobless claims fall lower

Gold was trading lower on Thursday, as prices dropped following the release of U.S. jobless claims data.

The figures released by the Labor Department showed that Initial claims for unemployment benefits fell by 2,000 to 229,000 last week.


source: tradingeconomics.com

Markets had forecasted the numbers for the week which ended June 18th to come in at 227,000 applications.

Today’s data follows on from Fed Chair Powell’s testimony, where he hailed the current strength of the U.S. economy.

XAUUSD hit an intraday low of $1,822.

DAX 30 drops to 3-month low, as European business activity slows

Germany’s DAX 30 index was also lower on Thursday and comes as data from the EU showed that Business activity was slowing.

The monthly flash PMI figures showed that business activity had dropped from a reading of 54.8 in May, to 51.9% so fast in June.

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This was below market expectations, showing that the European economy is slowing more than expected as a result of rising inflation.

Energy prices and a slowdown in the global supply chain are the main culprits, however the ECB has still yet to raise rates.

The DAX closed 1.76% lower on the news.

Russian rouble hits a 7-year high

The Russian Rouble was trading at its strongest point in seven years in today’s session, despite recent sanctions.

USDRUB rose to an intraday low of 52.3, which is its strongest point versus the U.S. Dollar since May 2015.

This comes less than three months after the Rouble rose to 139 against the Dollar, during the start of its invasion of Ukraine.

As a result of the invasion, many Western nations sanctioned and condemned Russia, with many businesses pausing business activity with the nation.

However, due to record high energy prices, Russia has managed to profit, as it continues to be the world’s largest exporter of gas.

“I have found that when the market’s going down, and you buy funds wisely, at some point in the future, you will be happy. You won’t get there by reading. Now is the time to buy.”

–Peter Lynch.

Eliman Dambell

Senior Market Analyst