US: Weekly initial claims was 229,000, a decrease of 5,000 from previous week

Eren Sengezer FXStreet

"In the week ending October 28, the advance figure for seasonally adjusted initial claims was 229,000, a decrease of 5,000 from the previous week's revised level," the US Department of Labor said anounced on Thursday.

Key highlights

The 4-week moving average was 232,500, a decrease of 7,250 from the previous week's revised average.
This is the lowest level for this average since April 7, 1973 when it was 232,250.
The previous week's average was revised up by 250 from 239,500 to 239,750.
Claims taking procedures continue to be severely disrupted in the Virgin Islands. The ability to take claims has improved in Puerto Rico and they are now processing backlogged claims.
The advance number for seasonally adjusted insured unemployment during the week ending October 21 was 1,884,000, a decrease of 15,000 from the previous week's revised level.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD holds gains above 1.3150, US PCE inflation data looms

The GBP/USD pair recovers some lost ground to near 1.3175 during the Asian trading hours on Thursday. However, the potential upside for the major pair might be limited amid UK political instability and rising expectations of US interest rate hikes this year. Traders await the US May Personal Consumption Expenditures inflation data on Thursday for fresh impetus.

EUR/USD rebounds above 1.1350, but outlook stays bearish below key resistance

The EUR/USD pair trades in positive territory around 1.1370. A surprisingly hawkish message from Kevin Warsh as the new Federal Reserve chair last week has traders pricing a US hike as soon as September. Markets might turn cautious later in the day ahead of the key US Personal Consumption Expenditures report.

Gold: Impending Death Cross hints at more downside

Gold is heading back toward seven-month lows near $3,950 early Thursday. The US Dollar enters bullish consolidation amid Fed rate hike bets, conflicting US-Iran messages. Gold could see further declines as RSI flirts with oversold territory, eyes on impending Death Cross.

Bitcoin tests $60,000 as whales sell off – Aave and Jupiter show resilience

The broader cryptocurrency market remains under intense selling pressure, with Bitcoin back at $60,000 for the third time this year. On-chain data shows selling pressure from large-wallet investors, commonly referred to as whales, while total liquidations hit nearly $1 billion in 24 hours.

Ripple and SBI Group partner to launch RLUSD in Japan

Ripple (XRP) remains under pressure, trading at $1.06 on Thursday after losing nearly 5% so far this week. Ripple and SBI Group partnered to launch RLUSD stablecoin in Japan following approval from the Japan Financial Services Agency on Thursday, but the move failed to lift sentiment.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.