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Gulf Press > Business > Forex > Initial Unemployment Claims rose below expectations last week
Forex

Initial Unemployment Claims rose below expectations last week

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Last updated: 2024/10/31 at 12:48 PM
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According to the latest report from the US Department of Labor, initial jobless claims for the week ending October 25 increased to 216K, a decline from the previous week’s 228K. This figure came in below both the consensus forecast and the previous week’s tally, indicating a slight rise in new applications for unemployment insurance.

The report also mentioned a seasonally adjusted insured unemployment rate of 1.2%, with the four-week moving average dropping to 236.50K, down 2.250K from the prior week’s revised average. Additionally, continuing jobless claims decreased by 26K, reaching 1.862M for the week ending October 18.

Following the release of this data, the US Dollar Index (DXY) extended its downward trend for the week, pushing it to multi-day lows in the 103.90-103.85 range. This region also coincides with the key 200-day SMA, indicating a bearish sentiment towards the greenback as a result of the higher jobless claims.

Overall, the slight increase in initial jobless claims and the decline in continuing jobless claims suggest a mixed outlook for the US labor market. While initial claims have risen slightly, the drop in continuing claims could indicate that some individuals are returning to work. The market reaction to this data has been negative for the US Dollar, as investors show concern about the impact of rising jobless claims on the economy.

Looking ahead, investors will be closely monitoring future reports on jobless claims and other economic indicators to gauge the health of the US labor market. Any further increases in jobless claims could weigh on the greenback and lead to increased volatility in the financial markets. Stay tuned for more updates on the latest developments in the US labor market and the impact on the broader economy.

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News Room October 31, 2024
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