Forex: US Initial Job Claims rise unexpectedly

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The US Department of Labor released Initial claims for unemployment benefits unexpectedly rose for the week ending April 4th, bouncing back above the key 400,000 level Initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000.

Economists polled by Reuters had forecast claims slipping to 380,000. The prior week’s figure was revised up to 385,000 from the previously reported 382,000.

The four-week moving average of unemployment claims, which is a better measure of underlying trends, edged up by 5,500 to 395,750.

The US Dollar continued its decline against the Yen today, falling to a session low at 82.94. The Euro peaked at 1.4513 against the USD in the morning session and had dipped slightly after Euro debt concerns but gained again after the US data.