Coming up tomorrow morning are two important U.K. news reports – there are several more as well, but these two seem to have a strong affect on the FOREX market.
On Wednesday, 08-12-09 at 4:30 AM ET the GBP Claimant Count Change and Unemployment Rate will be released.
Both of these reports are released by the U.K.s National Statistics on a monthly basis.
The last time they were released was on Wednesday 07-15-09 at 4:30 AM ET.
GBP Claimant Count Change
report stats
previous = 39.3K revised = 30.8K
forecast = 41.9K revised = 41.4K
actual = 23.8K
The GBP Unemployment rate went up 0.2% more than the “forecast” of 7.4%, and was higher than the “previous” report of 7.2%.
In the past, before the current World economic situation, the Claimant Count Change appeared to have a greater influence on the FOREX market, but now it appears that the Unemployment rate is getting stronger.
Even though the Claimant Count Change was good for the GBP, the 4 currency pairs that involved the GBP that I monitored all moved against the GBP. That must be because the traders are more concerned about the Unemployment Rate.
Three GBP currency pairs made some very good moves over a 19 minute period after the first initial one minute spike – here are the 3:
a one minute GBP/USD currency pair
This GBP/USD currency pair spiked up the first minute, then reversed down a total of 72 PIPS in 19 minutes. I entered the trade because the Claimant Count was so good – did not take into account the Unemployment Rate going up.
a one minute GBP/JPY currency pair
This GBP/JPY currency pair spiked up the first minute, then reversed down a total of 68 PIPS in 19 minutes.
a one minute GBP/CHF currency pair
This GBP/CHF currency pair spiked up the first minute, then reversed down a total of 57 PIPS in 19 minutes.
I will be keeping an eye on both the Claimant Count change and the Unemployment Rate, but mostly the Unemployment Rate – if there is a difference of 0.1% to 0.2%, chances are I will trade the GBP/USD currency pair.
Here is how the stats are set up now:
GBP Claimant Count Change
report stats
previous = 23.8K
forecast = 25.5K
GBP Unemployment Rate
report stats
previous = 7.6%
forecast = 7.7%
I will post a follow up of this report.
Stay tuned!
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[...] last time these two were released was on Wednesday, 08-12-09 at 4:30 AM ET . Click here to check out the “preview” and click here for the “follow [...]