The US initial jobless claims data surprised to the upside following good ADP report released earlier today.
The number of jobless claims amounted to 254,000 last week, while consensus had called for 269,000. On the other hand, the previous reading was revised upwards - from 268,000 to 270,000. Unemployment claims are a proxy for layoffs. The 70-week streak of claims staying below 300,000 is the longest since 1973. It’s also another good signal ahead of Friday’s NFP report. Market consensus calls for pick-up in employment in June, with employers adding 180,000 jobs. It should also supports USD.
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