Forex Analysis
by ForexNewsNow Team on December 9, 2010

Forecast: US jobless claims data to show drop last week

US flagNEW YORK (Forex News Now) – The Department of Labor is due on Thursday to publish key data on US initial jobless claims, in one of the day’s major realtime forex news events.

The report is expected to show that the number of US workers filing new claims for unemployment benefits slid to 426,000 last week, according to at least two major online FX trading news outlets, down from 436,000 the previous week.

The department is scheduled to release the report at 1:30 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 close of Nov. 17, 1.3530.

But should the data show a greater-than-forecast drop, the currency pair could be pushed toward short-term support around the close of Dec. 1, 1.3125.

Of course, the latter eventuality could whet FX traders’ risk appetites, which would likely benefit the euro against the dollar.

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