Initial claims for unemployment benefits unexpectedly rise to 744,000, the highest level in three weeks

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The U.S. Department of Labor reported that Initial claims for unemployment benefits increased by 16,000 to 744,000 in the week ending April 3. The data was worse than expected, which was due to a drop to 680,000. It is the highest reading in three weeks.

Regarding the requests for continued unemployment benefits, there was a decrease of 16,000 in the week ended March 27 to 3,734,000. This data was also worse than expected as the market consensus was for a drop to 3,650,000. Thus, Continued orders continue with a clear downward trend and marked a new low in one year, although the speed of the decline was below expectations.

The dollar remained weak in the market after the data, especially against the yen. Later in the day, Jerome Powell, the chairman of the Federal Reserve, will speak at a conference hosted by the International Monetary Fund.

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