United States Initial Jobless Claims dropped to 215K last week

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance shrank to 215K for the week ending June 20. The latest print came in below initial estimates (225K) and was lower than the previous week’s 227K (revised from 226K).

Additionally, the 4-week moving average went up by 0.750K, bringing it to 224.25K from the revised average of the previous week (223.5K).

The report also indicated that Continuing Jobless Claims increased by 21K to 1.821M for the week ending June 13.

What do US Initial Jobless Claims figures mean for the US Dollar?

The Greenback extends its weekly gains and navigates the area of fresh yearly highs in the 101.70-101.80 band when gauged by the US Dollar Index (DXY) on Thursday.

The move higher in the US Dollar (USD) comes in response to rising bets of rate hikes by the Federal Reserve (Fed) later in the year, particularly in the wake of the Fed’s hawkish hold at its latest meeting.