Bonds Asia: US Dollar Index Continues to Rebound, Gold Under Pressure and Closes Lower

MaticHoleFiller · 2026-03-28T08:56:32+00:00

U.S. Department of Labor data shows that initial unemployment claims slightly increased to 210,000, remaining at a low level. Economists analyze that corporate employment demand is affected by Trump policies, and the labor market remains relatively stable. Federal Reserve officials point out that current inflation risks are rising, which may influence policy adjustments. Meanwhile, gold, the Australian dollar, and USD/JPY exchange rate movements are affected by multiple economic factors, and market risk aversion sentiment continues.

MaticHoleFiller

2026-03-28 08:56:32

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On March 27, the U.S. Department of Labor announced on Thursday that for the week ending March 21, the seasonally adjusted number of initial jobless claims increased by 5,000 to 210,000, which was completely in line with economists’ expectations. Despite recent layoffs announced by well-known companies such as CBS News under Paramount and Meta Platforms, the number of initial jobless claims remains persistently low. This year, amid a backdrop of low layoff rates, initial jobless claims have consistently fluctuated within a narrow range of 201,000 to 230,000. Economists point out that the ongoing uncertainty brought about by the aggressive import tariff policy implemented by the Trump administration has weakened labor demand. Over the three months ending in February this year, the U.S. private sector added an average of only 18,000 non-farm jobs per month. Additionally, the Trump administration’s strict immigration policies have led to a decrease in labor supply, which has also hindered job growth. Economist Eliza Winger stated, “The number of initial jobless claims has been below last year’s level for the sixth consecutive week, highlighting that the scale of layoffs remains limited and the labor market has formed a certain degree of stability.”

In addition, Federal Reserve Governor Lisa Cook stated that the current war in Iran has shifted the balance of risks, with inflation becoming a greater concern for policymakers than employment. After delivering a speech in New Haven, Connecticut on Thursday, Cook responded to questions by saying, “I believe that the risks of inflation are currently higher due to the war in Iran.” She also noted, “In terms of the labor market, I believe it is in a balanced state, but this balance is very fragile.” Cook indicated that tariffs have caused inflation to deviate from the Fed’s target, and the situation in the Middle East could also have significant impacts. Cook stated, “We may remain in the current state for a much longer period than expected. Therefore, I believe the balance of risks has shifted more towards inflation.”

Today’s data to watch includes the U.K. February seasonally adjusted retail sales month-on-month, the Eurozone February ECB one-year CPI expectations, and the U.S. March University of Michigan consumer sentiment index final value.

Gold/USD

Gold saw a significant retreat yesterday, falling below the 4400 mark, with the current exchange rate trading around 4450. In addition to the renewed expectations of Fed rate hikes putting some pressure on gold, the strong economic data from the U.S. during the period also exerted some downward pressure on gold. Furthermore, declining hopes for a swift resolution to the conflict in the Middle East also contributed to the pressure on gold. Today, watch for resistance around 4500, with support near 4400.

AUD/USD

The Australian dollar fluctuated downward yesterday, falling below the 0.6900 mark and hitting a nine-week low, with the current exchange rate trading around 0.6890. Apart from the U.S. dollar index pushing toward the 100.00 mark supported by favorable factors such as the Fed’s rate hike expectations and strong economic data, persistent market risk aversion has also exerted some pressure on the exchange rate. Additionally, after breaking below the support of 0.6900, some technical selling has also contributed to the downward pressure on the exchange rate. Today, watch for resistance around 0.7000, with support near 0.6800.

USD/JPY

The USD/JPY pair fluctuated upward yesterday, refreshing a one-week high, with the current exchange rate trading around 159.50. In addition to the U.S. dollar index rising on multiple favorable factors providing some support for the exchange rate, persistent market risk aversion has also offered some support. However, concerns about renewed intervention by the Bank of Japan and the rekindled expectations of rate hikes from the Bank of Japan have limited the upward potential of the exchange rate. Today, watch for resistance around 160.50, with support near 158.50.

Massive information and precise interpretation can be found in the Sina Finance APP.

Editor: Chen Ping

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