April 4, 2024
United States:
US Initial Jobless Claims Tick Up to Highest Since January
Initial applications for US unemployment benefits rose last week to the highest since January, consistent with a recent uptick in the number of job cuts.
Initial claims increased by 9,000 to 221,000 in the week ended March 30, according to Labor Department data released on Thursday. The median forecast in a Bloomberg survey of economists called for 214,000.
Europe:
Long Shadow of Fed to Fall on ECB After Lagarde’s First Cut
The European Central Bank insists it won’t take any cues from the Federal Reserve as it prepares to start cutting interest rates first — but its subsequent policy path may well be shaped by what happens in the US all the same.
Trends driving the world’s largest economy usually don’t take long to spill into other regions, impacting financing conditions and exchange rates almost immediately — and inflation, trade and other metrics further out. So policymakers elsewhere can’t really escape the Fed’s gravitational pull when assessing the fate of their own economies.
Asia:
India Delays FX Hedging Rules in Bid to Soothe Trader Panic
India’s central bank pushed back the implementation of its rules on exchange-traded currency derivatives by about a month, after the measure stoked fears about drying up volumes that reached $5 billion-a-day.
The Reserve Bank of India, in its clarification on Thursday, reaffirmed that participants must have an actual foreign-exchange exposure. The rules that were to kick in Friday will now take effect on May 3, the central bank said.
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