FX: U.S. initial jobless claims jump, defying forecasts
Forex Pros - The number of people who applied for unemployment benefits in the United States last week jumped unexpectedly, official data showed on Thursday, in a further sign of the fragility of the U.S. economic recovery.
According to the U.S. Department of Labor, initial jobless claims rose to 496,000 in the week ended Feb. 20 from 473,000 the previous week. Economists had expected the figure to drop to 460,000.
The total number of people receiving unemployment insurance increased and those receiving extended benefits decreased, the department said.
In the wake of the report, the U.S. dollar soared against the euro and pound: EUR/USD shed 0.5% to hit 1.3471 and GBP/USD tumbled 1% to reach 1.5254.
