USD strengthens slightly after US GDP and claims data

1:37 PM 29 September 2022

The US economy contracted an annualized -0.6% in the second quarter, following a 1.6 % contraction in the previous three-month period and matching the second revision. Today's reading confirmed that US economy entered a technical recession.

Simultaneously data from the US labour market were released.

The number of Americans filing for unemployment benefits was 0.193 million in the week ended September 24, compared to 0.213 million reported in the previous week. Today’s reading came in well below market expectations of 0.215 million.
Continuing claims reading, which lags initial jobless claims data by one week, dropped to 1.347 million from 1.379 million, while analysts expected an increase to 1.388 million.

EURUSD pulled back to support at 0.9700 following today's data releases.Source:xStation5

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