Forex Trading - Intial Job Claims better then expected at 346K

Continuing Claim a touch higher at 3202 vs 3140 expected

According to a Labor Department Spokesperson the large decline may be due to timing of seasonal adjustments which anticipates auto layoffs in the first two weeks of July, and fewer occurred than expected. Auto makers generally reduce staff to upgrade factories in preparation of new car models.  In addition another influence might have been that the  survey was conducted during a holiday week which tends to distort numbers. 

The Continuing Claims moved sharply higher.  This is most likely a truer reflection of the employment picture in the US. The 4 week moving average rose to 3,126,000 from 3,110,000 the previous week.  This is the highest level since February 2004.