U.S. initial jobless claims fall in mid-March, payrolls likely recovered in March

U.S. weekly initial jobless claims edge lower. In the week ended 16 March, the jobless claims dropped from 230k to 221k, and the four-week moving average continued to move sideways, at 225k. The claims data indicate towards strong labor market conditions, and imply a likely recovery in March payrolls, noted Barclays in a research report.

The January and February employment reports were possibly distorted by shutdown effects, and the March employment report should give a clearer read of the employment situation. However, claims at 221k are at around the same level as in December and November of last year, when employment gains were healthy.

Meanwhile, continuing claims for the week ended 9 March dropped to 1.750 million from 1.777 million, and the insured jobless rate remained stable at 1.2 percent.

At 17:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 57.014 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex