Pre-Holiday Unemployment Numbers Today!
December 24th, 2009 Posted in Daily Forex News
Name: Dan
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A relatively slow news day is expected today ahead of the Christmas holiday. That being said, there are still two major events which could result in market volatility for Forex traders.
13:30 GMT USD Core Durable Goods Orders
-Excluding transportation related goods, this report is an indicator of the change in new orders placed with manufacturers from month to month. This is an important indicator, as it shows the overall health of the American manufacturing industry. The impact on the Dollar is potentially high.
-Last month saw a disappointing figure of -1.3% despite predictions of around 0.7%. This had a negative impact on the Dollar as it showed that the American economy was not recovering at a steady rate.
-This month, analysts are predicting a much better figure, likely around 1.1%. If 1.1% is indeed the figure released, traders can expect a boost for the Dollar, especially after yesterday’s losses. Of course, the opposite could also come true. If the results are a negative number, the greenback will likely drop further in trading today.
13:30 GMT USD Unemployment Claims
-The Unemployment Claims report says how many Americans filed for unemployment insurance for the first time over the last week. The figure is a good indicator of how the U.S. economy is performing as well as how many Americans are returning to work in the wake of the recession.
-Last weeks figure of 480K was slightly higher then expected. Still, the number was not so high as to negatively impact the Dollar. On the contrary, the Dollar saw gains as a result of the figure as it indicated that the American people are slowly getting back to work.
-This week, most analysts are predicting a figure around 471K. If this is the number that is published, the Dollar will likely see some gains as it represents an improvement over last week. If the number should fall anywhere above last week’s figure, and especially if it should land near the psychologically important 500Kmark, the Dollar may be in for serious losses in trading today.
