SHANGHAI, Jul 20 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar index fell from one year's high and closed at 95.09, slightly up from Wednesday.
Base metals dipped across the board on ongoing trade conflicts between China and the US. LME zinc and copper lost over 2%, with copper tumbling to the lowest level in a year, at $5,988/mt. Nickel slumped nearly 2%, lead closed over 1.6% lower, and aluminium dropped nearly 1.5%. SHFE lead fell over 1%, and copper declined nearly 1%. Other base metals edged down.
The US initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended July 14, the lowest reading since early December 1969. This compared to an expected rise to 220,000, suggesting that the labour market continues to strengthen.
The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 2,750 to 220,500 last week.
The number of people receiving benefits after an initial week of aid came in at 1,751,000 for the week ended July 7, an increase of 8,000 from the previous week's revised level.
Light economic data are expected today as the market watches out for further movement in metals prices.