U.S. Initial Claims Rose to 383k Last Week – May 31st

Today, May 31st, the U.S. jobless claims weekly update came out; according to the recent weekly report, the number of initial claims increased for the week ending on May 26th; the total initial claims rose by 20k and settled at 383,000 claims (seasonally adjusted data), which is lower than the revised figure of 373k claims from last week; the four week average also rose to 374,500; the insured unemployment rate remained unchanged at 2.6% for the week ending on May 19th;  the number of insured unemployment reached 3,242 thousand, a decrease of 36,000 compared with the previous week’s numbers. Finally, the four week average declined by 12,000 to 3,275 thousand.

This news might have some moderate effect on the U.S dollar: seeing that it has sharply appreciated in recent days, this news might curb its appreciation and perhaps even reverse the trend for today’s trading.

Thus, this report might curb the recent rise in the U.S dollar and consequently may positively affect precious metals prices.

Currently the U.S. dollar is moderately depreciating against many major currencies.

Euros to USD is at 1.2393 as of 14:10*.

British Pound to U.S. dollar is traded at 1.5486 a 0.05% increase as of 14:09*.

Current gold price (June 2012 delivery) is traded at $1,566 per t oz. a $0.6 increase as of 14:09*.

(* GMT)

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