The Department of Labor reported that Initial claims for unemployment benefits fell by 55,000 in the week of October 17 to 787,000. The data came as a positive surprise as an increase to 860,000 was expected. It is the lowest reading since April.
Regarding the continued orders, these also fell more than expected and to a minimum since the effects of the pandemic began to be felt. Orders were down 1,024,000 to 8,373,000 in the week ended October 10. The market consensus was 9.5 million.
The dollar in the market rose modestly after the data, continuing the recovery it was already bringing after Wednesday’s fall. The Kansas Fed Activity Report and Existing Home Sales Report will be released later on Thursday. On the American night it will be the second and last presidential debate.
Credits: Forex Street
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