US: Initial Jobless Claims rose to 219K last week

Initial Jobless Claims rose above consensus to 219K.
Continuing Jobless Claims climbed to 1.886M in the week ending January 25.

FXStreet Team FXStreet

US citizens filing new applications for unemployment insurance rose to 219K for the week ending February 1, as reported by the US Department of Labor (DoL) on Thursday. This print missed initial estimates and was higher than the previous week's revised tally of 208K (from 207K).

The report also highlighted a seasonally adjusted insured unemployment rate of 1.2%, while the four-week moving average rose to 216.75K, marking an increase of 4K from the prior week’s revised average.

Moreover, Continuing Jobless Claims went up by 36K to reach 1.886M for the week ending January 25.

Market reaction

The Greenback maintains its bullish bias above 108.00 when tracked by the US Dollar Index (DXY), reversing a three-day negative streak.

Author

FXStreet Team

FXStreet

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.