Forex Trading News – US Dollar drops on jobs data

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Data regarding the number of claims made for the week ending May 28 by new jobless people claiming unemployment benefits were released today. The seasonally adjusted initial claims was recorded at 422,000, which was higher than the predicted 415,000 but a decrease of 6,000 from the previous week’s revised figure of 428,000.

The 4-week moving average was 425,500, a decrease of 14,000 from the previous week’s revised average of 439,500.

Meanwhile the number of continued claims by existing unemployment came out higher than predicted the predicted 3.670 million to record 3.711 million claims. There wasn’t much deviation from the previous week’s revised figure of 3.712 million.

Upon release of the data, the Dollar fell broadly against the Euro by 12 pips as EURUSD spiked up within 2 minutes from 1.4459 to 1.4471.