This is a follow-up on USD Initial Jobless Claims and the Continuing Jobless Claims report which came out on Thursday the 23rd of July, 2009 at 8:30 AM ET.
I did a preview of last weeks report here
These 2 reports are released by the Department of Labor on a weekly basis.
The economic community was correct to think that the “jobless claims” will be greater than the week before.
Let’s set this up, a review.
a one minute chart of currency pair EUR/JPY
The “previous” Initial Jobless Claims report is about 522K, and the “Forecast” by the economist is 548K, a good size increase.
Almost every week there is a “revision” of the “previous” and the “forecast”, which usually comes out a few minutes after the initial release, this week was no exception.
The “actual” report came out at 554K, a little greater than the “forecast” and even more than the “previous” report of last week. I received the report about 8 seconds after schedule.
#1. Market appears to clear ahead of report.
#2. Now, I did decide to execute a “buy market order” trade with a 20 PIP stop/loss of the currency pair EUR/JPY, just after my “broker spread” decreased back to normal. I felt that the difference between the “actual” and the “forecast” reports were great enough that I could successfully “scalp” a few PIPS.
#3. I did manage to win 5.8 PIPS in about 8 minutes – I was lucky I got out early, for the “market” turned against what the “odds” were in favor of happening.
The “revised” report was released about 2 minutes and 30 seconds into the report period and was as follows:
Previous came out at 524K, up from 522K.
Forecast came out at 551K, up from 548K.
3 currency pairs suffered minor moves – these were EUR/USD – GBP/JPY and USD/CAD.
These 2 currency pairs moved in favor of the USD, contrary to the bad claims reports, GBP/USD and USD/JPY.
a one minute chart of the currency pair GBP/USD moving against the GBP
a one minute chart of the currency pair USD/JPY moving in favor of the USD
The “Continuing Jobless Claims” came out much less than expected and much less than the “previous” report.
My personal thoughts concerning less continuing jobless claims is that there are many jobless persons that have moved off of the rolls, not necessarily have they found jobs. They will probably be back on the rolls again in the near future.
The next USD-Unemployment Claims report is coming out on Thursday 07-30-09 at 8:30 AM ET. I should be posting a preview a day or 2 prior.
Keep this mind, past performances are not an indication of future results.
Stay tuned!
