US: Initial Jobless Claims dropped to 216K last week

Initial Jobless Claims stood at 216K, down from the previous week's 228K.
Continuing Jobless Claims climbed to 1.862 million in the week ending October 18.

Pablo Piovano FXStreet

US citizens filing new applications for unemployment insurance came in at 216K for the week ending October 25, as reported by the US Department of Labor (DoL) on Thursday. This print was below the consensus forecast of 230K and the previous week's tally of 228K (revised from 227K).

The report also highlighted a seasonally adjusted insured unemployment rate of 1.2%, while the four-week moving average retreated to 236.50K, marking a decrease of 2.250K from the prior week’s revised average.

Moreover, Continuing Jobless Claims shrank by 26K to reach 1.862 million for the week ending October 18.

Market reaction

The Greenback extends its weekly leg lower and drags the US Dollar Index (DXY) to multi-day lows in the 103.90-103.85 band, a region also coincident with the key 200-day SMA.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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