Thursday, 17 Sep 2009

U.S Initial Jobless Claims Unexpectedly Drop

Today saw another day of better than expected or in par with expectations economic data from the U.S. the most notable of which was the Unemployment Claims which dropped to the lowest level since mid July, showing a better than expected result of 545,000. The immediate reaction to the news was an appreciation of the Dollar versus its major currency counterpart, however the trend soon reversed and the USD erased most of its the gains.

Crude's rally was halted slightly today, with Oil Prices receding from their high of $73.10 a barrel to currently trade around $72.50

The Pound has been experiencing a mixed day today, dropping against the USD in early morning trading, following an overnight recovery. However, the GBP appreciated against the JPY and the EUR, regaining some of yesterday's losses against the common currency.

USD/SEK Correction in the Making

The USD/SEK cross has experienced a bearish trend for the past few days. However, it seems that this trend may be coming to an end. There is a fresh bullish cross forming on the 1 day chart's Slow Stochastic indicating a bullish correction might take place in the near future. The cross also breached the lower border of the Bollinger Bands, signaling that the next movement may be in an upward direction. A bullish cross is also apparent on the MACD chart. Furthermore, it appears that the pair is currently being oversold, with a correction expected to take place in the near future.