Thursday, 11 Feb 2010

U.S Unemployment Claims will Determine Today's Trend

The U.S. Dollar awaits the publication of the Unemployment Claims at 13:30 GMT from the U.S. The result is expected to be 460K, better than the previous result of 480K. This economic news release is expected to be the key of forex trading, and trading of the USD's main crosses as the U.S market opens.

So far today, the EUR/USD cross is virtually unchanged at the 1.3755 level. The greenback is actually trading higher 50 pips against the GBP. Against the Japanese currency, the USD/JPY is currently trading at 89.80.

The other release that is set to determine the levels for today's trend is the EU Economic summit. This is the main event for today even though the final report will be released on Tuesday. Traders should anticipate the Euro market and take advantage of this unique opportunity and use the volatile trading conditions in order to capitalize profits.