The Fundamental FOREX Blog

Last Wednesday, 10-14-09 at 4:30 AM ET two important U.K. news reports were released – along with 4 other reports:

GBP Jobless Claims Change
GBP Average Earnings inc Bonus (3MoY)
GBP Average Earnings ex Bonus (3MoY)
GBP Manufacturing Unit Wage Cost (3MoY)

The Jobless Claims Change may have some impact on the market as well, but for this report I monitored the Claimant Count Change and the ILO Unemployment Rate.

I posted a “preview” of these news reports on Tuesday 10-13-09, click here for a review.

Both of these reports are released by the U.K.s National Statistics on a monthly basis.

I thought I would pay more attention to the ILO Unemployment Rate report this time, looking for a conflict or the possibility of both being good for the GBP – and both reports were good for the GBP.

Here are the results of those reports:

GBP Claimant Count Change Stats

previous = 24.4K revised =   23.0K

forecast = 25.1K

actual = 20.8K

Good – this report is good for the GBP, since it came out lower than the “forecast“ by 4.3K, lower than the “previous by 3.6K and even lower than the “revised“ “previous“ by 2.2K.

GBP ILO Unemployment Rate Stats

previous = 7.9%

forecast = 8.0%

actual = 7.9%

Good – the GBP ILO Unemployment rate came out lower then the “forecast“ by 0.1%, which was the same as the “previous“ report released last month, – both of the reports were good for the GBP and four of the currency pairs moved as “predicted” three of the currency pairs moved quite well.

Here are the four currency pairs that could have been traded.

a one minute EUR/GBP currency pair

This EUR/GBP currency pair moved down about 32 PIPS in 34 minutes.

a one minute GBP/CHF currency pair

This GBP/CHF currency pair moved up about 50 PIPS in 35 minutes.

a one minute GBP/JPY currency pair

This GBP/JPY currency pair moved up about 56 PIPS in 35 minutes.

a one minute GBP/USD currency pair

This GBP/USD currency pair moved up about 79 PIPS in 36 minutes.

As you can see, with both reports coming out in favor of the GBP, the currency market moved in such a way that some good scalp opportunities were available.

Unfortunately, I did not enter a trade this time.

The next release of these two reports will be Wednesday 11-11-09 at 4:30 AM ET.
I will probably post a “preview” a day or two before.

Stay tuned!