The Fundamental FOREX Blog

Last Wednesday, 11-11-09 at 4:30 AM ET two important U.K. news reports were released – along with 4 other reports:

GBP Jobless Claims Change
GBP Manufacturing Unit Wage Cost (3MoY)
GBP Average Earnings inc bonus (3MoY)
GBP Retail Price Index (MoM) (SEP)

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 11-10-09, 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 = 20.8K revised =   20.6K

forecast = 20.2K

actual = 12.9K

Good – this report is good for the GBP, since it came out lower than the “forecast“ by 7.3K, lower than the “previous” by 7.9K and even lower than the “revised“ “previous“ by 7.6K.

GBP ILO Unemployment Rate Stats

previous = 7.7%

forecast = 8.0%

actual = 7.8%

Good – the GBP ILO Unemployment rate came out lower then the “forecast“ by 0.2%, and lower then the “previous“ by 0.1%.

Here are the five currency pairs that could have been traded. Only the EUR/USD had very little movement and is not shown.

a one minute EUR/GBP currency pair

This EUR/GBP currency pair spiked down 1st minute  about 18 PIPS – right direction, but would have been hard to trade due to “broker spread“.

a one minute EUR/JPY currency pair

This EUR/JPY currency pair moved up about 25 PIPS in 18 minutes – enough time to get a few “scalps“ in.

a one minute GBP/CHF currency pair

This GBP/CHF currency pair spiked up 1st minute  about 36 PIPS – right direction, but would have been hard to trade due to “broker spread“.

a one minute GBP/JPY currency pair

This GBP/JPY currency pair spiked up 1st minute  about 38 PIPS – right direction – then continued up the next 18 minutes about an additional 20 PIPS- right direction.

a one minute GBP/USD currency pair

This GBP/USD currency pair spiked up 1st minute  about 39 PIPS – right direction – then continued up the next 9 minutes about an additional 4 PIPS- right direction.

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 again, I did not enter a trade this time.

The next release of these two reports will be Wednesday 12-16-09 at 4:30 AM ET.

I will probably post a “preview” a day or two before.

Stay tuned!