According to the latest report from the US Labor Department, the data for the week ending on May 20th reveals a slight uptick in initial unemployment claims. The number of first-time claims has risen by 4,000, reaching a total of 229,000. Although this increase is considered small, it deviates from the predictions made by economists surveyed by Reuters, who had anticipated a higher number of 245,000.

Interestingly, there has been a significant downward revision in the data for the previous two weeks. This revision is primarily attributed to the identification and removal of fraudulent applications originating from Massachusetts. The Massachusetts Department of Unemployment Assistance had issued a warning in early May, alerting authorities to an upsurge in fraudulent claim activities. These activities involved individuals attempting to gain unauthorized access to current UI accounts and using stolen personal data to fraudulently obtain unemployment benefits.

On a positive note, the data also reveals a drop in long-term claims. Over 48,000 continuing UI claims have been reduced, suggesting another month of strong employment gains and a decrease in the jobless rate. The employment data for May, which will provide further insights into job growth, is scheduled to be released on Friday, June 2nd.

The Federal Reserve will be closely monitoring the incoming economic data as they assess the need for another interest rate hike. Their next meeting, scheduled for June 13th and 14th, will be crucial in determining whether such a hike should be implemented.

Notably, the data for the previous two weeks has been revised downward significantly. This adjustment was made to account for fraudulent applications originating from Massachusetts. The Massachusetts Department of Unemployment Assistance had raised concerns in early May regarding a surge in fraudulent activities aimed at gaining unauthorized access to current UI accounts. Moreover, individuals were also found to be using stolen personal information to illicitly obtain unemployment benefits.

In addition to this, the decrease of over 48,000 continuing UI claims indicates a robust labor market in the United States. It suggests the likelihood of another month marked by substantial employment gains and a reduced jobless rate. The forthcoming employment data for May is set to be released on Friday, June 2nd. The Federal Reserve will closely monitor this incoming economic data as they assess whether another increase in interest rates should be implemented during their upcoming meeting on June 13th and 14th.



According to the latest report from the US Labor Department, the data for the week ending on May 20th reveals a slight uptick in initial unemployment claims. The number of first-time claims has risen ...

Initial unemployment claims experience a slight increase, while long-term claims show a decline

The United States economy is on the verge of a potential crisis if the White House and Congress fail to reach an agreement on increasing the debt ceiling. The debt ceiling represents the maximum amount of money that the federal government can borrow. While the Biden administration is pushing for an increase in funding, there is resistance from lawmakers, particularly Republicans, who are demanding spending cuts as a condition for raising the ceiling. The last time the debt ceiling was raised was in December 2021, raising the total budget to $31.4 trillion.

Treasury Secretary Janet Yellen has warned that if an agreement is not reached, the federal government may be unable to meet its financial obligations starting from June 1, leading to a default. This default would have far-reaching consequences, impacting various payments ranging from military expenditures to payments to civil servants and individuals receiving Social Security benefits.


The United States economy is on the verge of a potential crisis if the White House and Congress fail to reach an agreement on increasing the debt ceiling. The debt ceiling represents the maximum amoun...

Impact of Debt Ceiling on Social Security Payments in June 2023

![Description](https://res.cloudinary.com/forex-overflow/image/upload/v1663911267/fx-overflow-assets/nkfeh3bp8lxkn5gdkzlg.png)

New impact :  United States Fed Chair Powell Speech 

Technical Analysis :- 
USDCAD is making its new highs, as its unable to break down its previous resistance levels, also we could see a confusing candle formation on 22-09-2022, so technically, we can trade on the previous day candle high low, we could sell below 1.34117 and buy above 1.35463 .SL for the current trade is vice versa entry positions.

RSI IS flat but above 70, shows strength in trend of the day. 
Buy Scenario is more Preferable. 

USD index is boosting the Strength of the USDCAD pair. 


![Description](https://res.cloudinary.com/forex-overflow/image/upload/v1663911267/fx-overflow-assets/nkfeh3bp8lxkn5gdkzlg.png)

New impact :  United States Fed Chair Powell Speech 

Technical Analysis...

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Initial unemployment claims experience a slight increase, wh...

Impact of Debt Ceiling on Social Security Payments in June 2...

USDCAD 23-09-2022 Daily Analysis

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