US weekly Initial Jobless Claims rise to 217K vs. 210K expected

Initial Jobless Claims in the US increased by 5,000 in the week ending October 27 to the highest level in seven weeks. Continuing Claims increased by 35,000 in the week ending October 21. US Dollar Index dropped to fresh daily lows after Jobless Claims and Q3 Unit Labor Costs. It is the highest level in seven weeks.

This reading follows last week’s print of 212,000 and came in worse than the market expectation of 210,000. The 4-week moving average was 210,000, an increase of 2,000 from the previous week's revised average. Continuing claims rose by 35,000 in the week ending October 21 to 1.81 million, above market expectations of 1.8 million. It is the highest reading since May. Market reaction The US Dollar Index dropped further and hit a fresh daily low under 106.

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