The Fundamental FOREX Blog

Tomorrow, Thursday 09-24-09 at 8:30 AM ET, the USD Initial Jobless Claims and the Continuing Jobless Claims reports will be released.

These two reports will be the only economic reports released at that time, sometimes they are released with other reports.

The last time these two reports were released alone was on Thursday, 09-03-09 at 8:30 AM ET, click here for a “follow up” review.

I did a “preview” of those two reports, click here to see how it was set up.

These 2 reports are released by the Department of Labor on a weekly basis.

It appears that the Initial Claims has the greater impact on the currency market, but, politically, the Continuing Claims may cause some trading influence.

Let’s set this up for tomorrow.

USD Initial Jobless Claims stats:

Previous = 545K

Forecast = 548K

Looks like the economists believe that claims went up last week – maybe!

Continuing Jobless Claims stats:

Previous = 6230K

Forecast = 6183K

Looks like the economists believe continuing claims have gone down last week – maybe!

I was set up to trade the EUR/JPY currency pair on 09-03-09, but there was not enough of a difference between “forecast” and “actual” for my satisfaction, so I did not enter a trade. The “actual” came out 7,000 more than the “forecast”. The “previous” “revision” came out higher by 4,000.
The “continuing claims” came out higher than the “forecast”, and the “previous” “revision” came out higher as well.

Both reports came out the same direction, and the EUR/JPY did move better than the other currency pairs.

Here is the chart:

a one minute EUR/JPY chart

This currency pair EUR/JPY moved down about 47 PIPS in 47 minutes.

So, I will probably set up to trade the EUR/JPY if both reports come out in the same way – an increase in claims or a decrease in claims. Maybe even trade if the Unemployment Claims come out say 20K more or less than “forecast”.

The next USD-Unemployment Claims report is scheduled to come out on Thursday 10-01-09 at 8:30 AM ET. At that time there will be 3 additional USD reports released. I should be posting a preview a day or 2 prior.

I will be posting a follow up soon after the conclusion of these reports.

Keep this mind, past performances are not an indication of future results.

Stay tuned!