Weekly Initial Jobless Claims rise to 213K

There were 213,000 initial jobless claims in the week ending September 17, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week’s print of 208,000 (revised from 213,000) and came in better than the market expectation of 218,000.

Further details of the publication revealed that the advance seasonally adjusted insured unemployment rate was 1% and the 4-week moving average was 216,750, a decrease of 6,000 from the previous week’s revised average.

EUR/USD prints new cycle lows around 0.9800 and sparks a marked rebound soon afterwards.

The pair seems to have met some apparent contention in the 0.9800 neighbourhood so far. Further weakness, however, remains well in store for the time being and could force spot to challenge this zone sooner rather than later. The breakdown of this region could lead up to a visit to the October 2022 low at 0.9685.