The number of Americans filing applications for unemployment benefits unexpectedly fell last week to 209,000 against the expectation of 215,000, suggesting the labor market remains strong even as the economy is slowing. The US Dollar Index was trading slightly higher this morning, at 97.60 levels.
WTI oil prices jumped on Thursday after Saudi Arabia commented that they will consider all options to halt the recent decline in oil prices. WTI crude was up by 2.8 percent, at 52.52 a barrel on the day.
US President Donald Trump said on Wednesday that China is not the main problem amid mounting global uncertainty around the trade war. Trump further said that the Federal Reserve must cut rates bigger and faster for the United States to be competitive against other countries.
Chicago Fed President Charles Evans said that the recent trade war tensions following the Fed’s last meeting present fresh headwinds to the economy. Evans stated that further rate cuts may be necessary and the July rate cut was necessary due to ongoing economic slowdown.