US unemployment filings rose to 225K, exceeding the 213K estimate, weakening the USD before key Nonfarm Payroll data.
The Euro rose 0.12% against the US Dollar as higher-than-expected US jobless claims weighed on the Greenback. Initial unemployment filings reached 225K for the week ending May 30, surpassing the 213K forecast and signaling a potential labor market slowdown ahead of Friday’s Nonfarm Payroll report.
US Challenger Job Cuts also climbed to 97K in May, a 16% increase from April’s 83.837K. The data contrasted with recent Fed commentary and reinforced expectations of softer economic momentum. Traders are now focused on the upcoming NFP figures, which could further influence USD direction.
The US Dollar Index (DXY) retreated as markets digested the mixed signals, while geopolitical tensions in the Middle East added to the cautious sentiment. The Dow Jones remained near record highs, though sector rotations hinted at shifting risk appetite.