Analysts are anticipating better-than-expected results for both the initial jobless claims report and GDP Q3 data. In this week’s report, analysts are expecting an additional 775,000 insurance claims for their unemployment benefits. This figure was comparatively lower than the prior week’s 787,000 result. If the actual number came close to analysts’ expectations, this will be the report’s lowest number of filings over the course of the pandemic. Meanwhile, the US economy is expected to bounce back from the slump of -31.4% in Q2 with 31.0% expectations in the third quarter. Unlike the US, however, recovery in Singapore’s Q3 will not be as strong. A 13.2% contraction was seen in the second quarter with expectations for recovery in the succeeding quarter only at 7.9%. The Monetary Authority of Singapore (MAS) further added that the Asian tiger might not fully recover by 2021. The MAS expects 2020 to post five (5) to seven (7) percent decline.
Denmark extended its support to local business until January 2021. This was amidst the resurgence of COVID-19 cases in the region. Around $1.32 billion will be disbursed directly to companies to help them cope with the impact of the pandemic. In addition to this, credit lines will be extended until January 2021. The easing of monetary policies is expected to help the Danish kroner in the short to medium-term. On the other hand, the second wave of the deadly virus could further drag the EU’s data. In today’s report, October 29, the Consumer Price Index (CPI) report MoM and YoY are expected to publish -0.1% and -0.3% results, respectively. Their previous records were -0.2% and -0.2%. Meanwhile, the European Central Bank is expected to retain its -0.50% negative facility rate. However, the central bank is expected to ask the EU
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