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FOREXYARD: Forex News Blog

FOREXYARD: Forex News Blog

Link to Forex Trading Education : Forex Trading Blog by FOREXYARD » Manufacturing Sales

Dollar Strength to be Determined by U.S. Unemployment Claims

Posted: 15 Oct 2009 03:16 AM PDT

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The U.S. Unemployment Claims report is set to be published from the U.S. today at 12:30 GMT. The previous figure was 521,000 people, but today’s figure is expected to marginally rise by 534,000 people. If the final result is higher than forecast, then the U.S. Dollar may make a mini recovery, as such news could spark interest in the USD’s safe-haven status.

The Dollar has been extremely bearish today against the British Pound. The GBP/USD cross is currently trading far higher by over 170 pips at the 1.6828 level. However, the USD has gained some ground so far in early trading vs. the EUR, as the pair has dipped to the 1.4910 level.

The greenback has also made some inroads against the JPY by nearly 60 pips at the 90.03 level. The USD is also trading higher vs. the CAD. Therefore, it seems that the USD is recovering from yesterday’s losses, except against the Pound at the moment.

Looking ahead to today’s economic news from the U.S., there seems to be much important data. Apart from the Unemployment Claims, there is also the Core CPI, CPI, Manufacturing Sales and Empire State Manufacturing Index.

If the publications show a rapidly improving U.S. economy, this actually may play in favor of the USD. As a result, the GBP’S gains today may be more limited. Therefore, to take advantage of today’s trends, it is recommended that you open big positions in the USD crosses now.
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