BREAKING: US Jobless claims fall more than forecast

The number of Americans filing for unemployment benefits was 0.406 million in the week ended May 22nd, compared to 0.444 million reported in the previous week. Today’s reading came in below market expectations of 0.425 million. Is the lowest reading since the pandemic hit the labor market in March 2020. Continuing claims reading, which lags initial jobless claims data by one week, dropped to  3.642 million, while analysts expected a decrease to 3.68 million. 

Annualized US GDP report for Q1 2021 showed that the US economy grew at an 6.4% QoQ  matching the advance estimate and following a 4.3% expansion in the previous three-month period. Today’s reading  came in slightly below market expectations of 6.5%.

EURUSD saw a relatively small reaction to today’s data releases. The most popular currency pair continued to trade around 1.22 level. Source: xStation5