- Initial jobless clams rise to 249k
- Above both the forecast (235K) and prior readings (239K)
- USD handing back earlier gains
The weekly initial jobless claims from the US has shown an unexpected rise in coming in at 249k. This is significantly higher than the 235k consensus forecast and also higher than the prior reading of 239k. The release is also the highest in 6 weeks and the higher readings seen in late September and early October were likely due to the damage caused by the hurricanes.
The rise seen in the latest initial jobless claims is a slightly concerning development but longer term the unemployment indicator remains in a clear downtrend. Source: XTB Macrobond
The US dollar has been moving higher in the last 24 hours but the data has seen a pullback in the buck. The USD index (USDIDX) remains below the 94.05 resistance level and as pointed out in yesterday’s alert the technical outlook for the market has deteriorated significantly in the past week.
The USD index has been looking to recover in the past 24 hours but the market has seen some selling following the release. 94.05 remains resistance. Source: xStation