Last Wednesday morning 08-12-09 at 4:30 AM ET two important U.K. news reports were released- there are several more as well, but these two seem to have a strong affect on the FOREX market.
I posted a Preview of the GBP Claimant Count Change and Unemployment Rate reports, click here to review.
Both of these reports are released by the U.K.s National Statistics on a monthly basis.
Here are the results of those reports.
GBP Claimant Count Change Stats
previous = 23.8K revised = 21.5K
forecast = 25.5K revised = 25.3K
actual = 24.9K this report is good for the GBP!
The GBP Unemployment rate went up to 7.8%, 0.1% more than the “forecast” of 7.7%, and was higher than the “previous” report of 7.6%. This report is bad for the GBP!
The GBP Claimant Count Change and the Unemployment Rate are in conflict!
In the past, before the current world economic situation, the Claimant Count Change had a greater influence on the FOREX market, and it appeared for a time that the Unemployment rate was getting stronger. But this time the Claimant Count was a little stronger – not much market impact except on two currency pairs.
Here are the two currency pairs.
a one minute GBP/JPY currency pair
This GBP/JPY currency pair moved up 50 PIPS in 7 minutes, then continued up.
a one minute GBP/CHF currency pair
This GBP/CHF currency pair moved up 30 PIPS in 5 minutes, then ranged.
The next release of these two reports will be Wednesday 09-16-09 at 4:30 AM ET
Stay tuned!
