Minha The US Dollar (USD) remains under pressure in the second half of the week, losing value against its main competitors. The US Dollar Index, which measures the value of the US dollar against a basket of six major currencies, remains well below 104.00.
The labor market in the United States is slowing, with the number of Americans applying for first-time unemployment benefits returning to its highest level since October 2021.
The Labor Department reported on Thursday that weekly jobless claims increased by 28,000 to 242,000, up from the previous week’s revised estimate of 233,000 claims.
The most recent labor market data fell far short of expectations. Economists expected jobless claims to rise at a much slower pace, to 236,000, according to consensus forecasts.
As gold prices trade near session highs, the disappointing employment data is providing some bullish traction. Gold futures for August were last trading at $1,969.60 per ounce, up 0.58% on the day.
The four-week moving average for new claims, which is often regarded as a more reliable measure of the labor market because it smooths out week-to-week volatility, increased by 7,500 claims from the previous week’s revised average to 237,2500.
Continuing jobless claims, which represent the number of people already receiving benefits, fell 37,000 from the previous week’s revised level to 1.757 million in the week ending May 27.
