Daily Alert – Thursday 19th October 2023: Jobless claims in US show resilience of economy

Mark NugentDaily Alert, October 2023

Daily Alert – Thursday 19th October 2023: Jobless claims in US show resilience of economy

Good afternoon.

It remains a very quiet week. Today saw US Unemployment Claims missing to the downside which would normally be seen as a good thing. What it shows here is the, and I say it again, amazing resilience of the US economy in the face of eleven Fed interest rate hikes since March 2022. This will embolden those Fed voters who wish to hike rates some more.

Looking at the weekly chart for all the assets we trade, there is little movement this week. This lack of movement is the sum of choppy moves on the daily charts.

The end result? No trades for me this week.

All that remains is Retail Sales in the UK tomorrow and then we are done.

Have a great weekend when it comes, and I will be back on Monday.

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