U.S. initial jobless claims fall slightly in early July

U.S. initial jobless claims dropped slightly in early July. In the week ended 7 July, initial jobless claims dropped to 214k, from an upwardly revised 232k. This was below consensus expectations of 225k. The four-week moving average dropped to 223k from 225k, in line with levels linked with a healthy labor market.

Claims had increased higher in previous weeks, leading to the question whether it might be the fallout of protectionist measures. However, the fall in this week implies no such impact on labor markets yet. However, the data will be monitored in weeks ahead. Meanwhile, continuing claims for the week ending 30 June moved lower to 1.739k from 1.742k. The insured jobless rate remained stable at 1.2 percent.

At 14:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was highly bullish at 124.049. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex