Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us


Grab your $30 from XM

Forex Analysis
by ForexNewsNow Team on August 25, 2010

Forex Forecast: How will U.S. jobless claims data affect EUR/USD?

Indicator analysis - initial U.S. jobless claims data due Thurs.NEW YORK (Forex News Now) – The Department of Labor is due on Thursday to publish key data on U.S. unemployment claims, in one of the day’s major realtime forex news events.

The report is expected to show that the number of U.S. workers filing new claims for jobless benefits fell to 485,000 last week, according to two major online FX trading news outlets, down from 500,000 during the previous week.

The department is scheduled to release the report at 12:30 P.M., GMT; as such, the data is likely to dominate European afternoon currency market trading.

According to EUR USD analysis, a smaller-than-expected drop in claims, or even an increase, could lift EUR/USD toward short-term resistance around the high of Aug. 20, 1.2832.

Should the data show a greater-than-expected decline in claims, however, the currency pair could be pushed toward short-term support around the low of Aug. 24, 1.2588.

Of course, this latter scenario could actually whet FX traders’ risk appetite, which would be likely actually to boost the single European currency against the dollar.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))