You are here: Home » Uncategorized » US Jobless Claims Data

US Jobless Claims Data

by Rafael Rosa on October 28, 2010

Good Job US Jobless Claims Data
US Jobless claims came in better than expected at 434K. The market consensus was looking for 455K. On a headline basis, “it’s good news”. The only thing is that people are completely disregarding the fact that the number from last week was revised upward, which is not so good.

The trend has also been that all the numbers are getting revised up. However, short-term market amnesia could care less.

At the time of writing, 9 AM Eastern or so, there is broad US dollar selling on the market. I would argue that the sell off will be halted at these levels. The chatter is also that the “good” jobless claims number suggests less QE from the Federal Reserve.

Cable is at 1.5920 or so. Good Sell. There is substantial resistance at 1.5930. @ForeLive also noting Middle Eastern central banks selling at this level.

AUDUSD at .9820s. Good Sell. The key level in the pair is .9790 and until it closes above it, I’m selling the rallies.

USDJPY reaction quite weak, yet target of 81.50 looks appealing.

Note that yields are also going up after the jobs number, which bodes well for the US dollar. It must do so for US dollar to gather strength.

Technorati Tags: forex, jobless claim number, jobless claims, us data, us jobless claims release, usd jobs

{ 0 comments… add one now }

Leave a Comment

You can use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Previous post:

Next post:

Investing Blogs - Blog Catalog Blog Directory Finance Business Directory - BTS Local