After falling against most of its main currency rivals yesterday, the US dollar may be able to rebound today with the release of this week’s US Unemployment Claims. In addition, significant news out of the UK is likely to contribute to what appears likely to be a volatile trading session.
Here is a roundup of the day’s main news events:
12:00 GMT- GBP Official Bank Rate
Analysts are debating whether the Monetary Policy Committee in England will decide to finally raise national interest rates from their current level of 0.50% when they make their official announcement today.
Traders will want to pay attention to the bank rate announcement, as well as to a possible MPC Rate Statement which may or may not occur today. Should interest rates go up, sterling is likely to see a very bullish day against its main currency rivals.
13:30 GMT- USD Unemployment Claims
The employment situation in the United States continues to be one of the key indicators of overall economic health in the US. Last week’s unemployment figure came in better than expected, and led to substantial gains for the USD.
This week, analysts are calling for a figure of around 411K, which if true, would represent another decline in unemployment in America. Following the bearish day the dollar had yesterday, today’s news may provide the USD with the necessary boost to recoup some of its recent losses.
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Natalie R. is a Market Strategist with ForexYard. Her combination of political and economic analysis into daily fundamental analysis gives her writings a unique perspective for forex traders. She has helped ForexYard generate more efficient and versatile market analysis which she translates into outstanding customer support and trading advice. Her writings have been published on the ForexYard Trading Blog and affiliate websites. Natalie R. holds degrees in Economics and Political Science from Brandeis University.
