US: Initial Jobless Claims increased more than estimated last week

• Initial Jobless Claims rose by 219K vs. the previous week.
• Continuing Jobless Claims rose by around 1.79M.

US citizens that applied for unemployment insurance benefits increased by 219K in the week ending May 25 according to the US Department of Labor (DoL) on Thursday. The prints came in just above initial estimates (218K) and above the previous weekly gain of 216K (revised from 215K).

Further details of the publication revealed that the advance seasonally adjusted insured unemployment rate was 1.2% and the 4-week moving average stood at 222.50, an increase of 2.5K from the previous week's revised average.

In addition, Continuing Claims increased by 4K to 1.791M in the week ended May 18.

Market reaction

The US Dollar Index (DXY) maintains its negative bias so far on Thursday, coming under pressure after hitting multi-day peaks near 105.20 barrier earlier in the session. The corrective decline in the Greenback also comes amidst a bearish performance of US yields across the curve.