US: Weekly Initial Jobless Claims decline to 326K vs. 350K expected

Weekly Initial Jobless Claims in US declined by 38,000.
US Dollar Index stays flat above 94.00 after the data.

Eren Sengezer FXStreet

There were 326,000 initial claims for unemployment benefits in the US during the week ending October 2, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed the previous print of 364,000 (revised from 362,000) and came in better than the market expectation of 350,000.

Market reaction

The US Dollar Index edged modestly higher after this report and was last seen trading flat on the day at 94.20.

Additional takeaways

"The 4-week moving average was 344,000, an increase of 3,500 from the previous week's revised average."

"The advance seasonally adjusted insured unemployment rate was 2.0% for the week ending September 25."

"The advance number for seasonally adjusted insured unemployment during the week ending September 25 was 2,714,000, a decrease of 97,000 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.

EUR/USD retakes 1.1800 on renewed USD weakness

EUR/USD gains ground after three days of losses, re-attempting 1.1800in the European trading hours on Thursday. The US Dollar sees fresh selling interest across the board, despite hawkish Fed Minutes, as the market mood improves and supports the pair. US Jobless Claims data, Fedspeak and geopolitics remain in focus.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold clings to gains above $5,000 amid safe-haven flows and Fed rate cut bets

Gold sticks to modest intraday gains, above the $5,000 psychological mark, through the first half of the European session, though it lacks bullish conviction amid mixed cues. The third round of US-mediated negotiations between Ukraine and Russia concluded in Geneva on Wednesday without any major breakthrough.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.