US: Weekly Initial Jobless Claims decline to 228K vs. 242K expected

• Initial Jobless Claims decreased by 9,000 in the week ending July 15.
• Continuing Jobless Claims rise by 33,000  in the week ending July 8. 
• US Dollar Index prints fresh highs above 100.40 after data. 

Initial Jobless claims totaled 228,000 in the week ending July 15, the weekly data published by the US Department of Labor (DOL) showed on Thursday. It is the lowest reading since mid-May. The print follows the previous week's 237,000 (unrevised) and came in below/above market expectations of 242,000.  Further details showed that “the 4-week moving average was 237,500, a decrease of 9,250 from the previous week's unrevised average of 246,750.”

Continuing Claims rose by 33,000 in the week ended July 8 to 1.754 million, a reading worse than market estimates of 1.728 million. It is the highest level in four weeks. The four-week moving average “was 1,731,500, a decrease of 1,750 from the previous week's revised average.”

Market reaction: 

The US Dollar Index rose above 100.40, reaching fresh daily highs following the release of US Jobless Claims and the Philly Fed. US yields spiked to fresh weekly highs.