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Tradeview’s Daily Digest – 25th June

Initial Jobless claims still in the millions

Another week has passed and initial jobless claims in the U.S. are still in the millions, as workers continue to suffer from the COVID-19 crisis.

On Thursday the labour department reported that, Initial claims for state unemployment benefits were 1.480 million for the week ended June 20.

This number down from 1.540 million in the prior week,  meaning that numbers have been on the decline since the high of over 6 million in March

U.S. indices continue to slip, as Florida infections rise

COVID-19 cases in Florida experienced another record spike as the number of infections rose by 5.3% in a day.

This report, which was released yesterday, was one of the factors behind U.S. indices having their worst day of losses in 2 weeks.

Today, markets continued to slip as investors were unnerved by an alarming rise in new coronavirus cases, in addition to the release of jobless claims.

Notable drops came from Disney and Boeing, who both fell by over 2%

BofA say GBP is behaving like a emerging market currency

GBP continued to drop on Thursday against the USD after Bank of America analysts said the UK’s currency is quickly becoming an emerging market currency.

The report suggests that Sterling is an emerging market currency in all but name, as it continues to experience record levels of volatility in daily trading.

This comes as the UK remains no closer to finalising a Brexit detail with the EU, whilst also seeing its economy shrinking by over 20% in recent months due to the Coronavirus pandemic..

Biggest Bull

Crude Oil: Crude Oil climbed by almost $3 on Thursday, after the drops it suffered in trading yesterday. Many now believe that it could be heading back towards the $40 mark.

Biggest Bear

Bitcoin: After starting the day at around $9,664, BTCUSD dropped to as low as $8,978 on Thursday. Although it has since rallied, it is still $400 away from today’s high.

Quote of the day: “You can be free. You can live and work anywhere in the world. You can be independent from routine and not answer to anybody.”

Alexander Elder