US initial jobless claims hit 226K, exceeding estimates, while continuing claims rise to 1.810M amid a stronger USD.
US initial jobless claims reached 226K for the week, slightly above the 225K estimate, while continuing claims rose to 1.810M, surpassing the 1.795M forecast. The data reflects a modest increase in labor market slack as the Federal Reserve maintains a hawkish stance on rates.
The Philly Fed business index for June came in at 10.3, marginally above the 10.0 consensus, signaling steady but unspectacular regional manufacturing activity. Meanwhile, the USD extended gains, led by advances against the GBP (+0.68%), CHF (+0.56%), and JPY (+0.47%), following the Fed’s recent hawkish signals.
The Bank of England and Swiss National Bank held rates steady, with the SNB indicating potential intervention to curb CHF strength. Oil prices dipped as Kuwait boosted output, testing the 200-day moving average despite geopolitical tensions in the Middle East.