US dollar edges lower after weak initial jobless claims


Overall moves modest

A heavy dose of data did little in the way of moving markets but there has been some mild dollar selling, particularly in EUR/USD.

The main miss in the numbers was in initial jobless claims at 411K compared to 380K expected. Durable goods orders were also on the soft side.

The Fed last week expressed high confidence in a booming jobs market but claims have remained above 400K. The numbers may be tough to read in the coming weeks as various states cut off pandemic benefits ahead of Federal expiration in September.

Last week, three states cut off jobless aid to self-employed, gig workers, and long-term unemployed — Iowa, Mississippi, and Missouri. That ended all benefit payments for about 163,000 people.

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