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US Dollar strength dictated global currency markets overnight, as investors found little comfort in the latest jobs data with equity markets snapping a six day winning streak. Initial Jobless Claims for the week of November 7th came in better than expected falling to 502,000 against expectations of 512,000. The number of people claiming unemployment benefits on an ongoing basis also fell. Although the economy is seeing glimpses of a recovery evident in last night's jobs data, the bane on the economy still remains with record unemployment, which hit a 26 year high of 10.2 per cent in October. Recent days has seen equity markets strengthen, as Fed official Richard Fisher suggested the Central Banks current stance on interest rates could remain into 2011 as inflation and economic growth are likely to remain below desired levels. But is this enough to combat the dire unemployment situation going forward? Increasingly we are seeing renewed calls from economists to inject the US economy with another shot of stimulus, before unemployment threatens to hamper a sustained recovery.
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