Though the data released at 13:30 GMT may not appear optimistic, it nevertheless points to a slightly better week than last in terms of unemployment data. Last week traders saw a rise to 409,000 individuals filing for first-time unemployment benefits. This week the number seems to have slid mildly to 403,000.
Expectations, however, were being priced in to see a rise of 401,000, making this data seem worse than it actually was. The reading was above forecasts, but below previous results, giving off mixed sentiment. This data may play into short term moves today, but it seems far fetched to base today’s strategy off this employment figure.
Read more forex trading news on our forex blog.
Other relevant articles you may like
Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
