On Thursday, 11-19-09 at 8:30 AM ET, USD – Initial Jobless Claims and Continuing Claims Reports, along with 3 Canadian economic reports were release.
These reports are release by the US Department of Labor.
CAD Foreign Securities Purchases
CAD Leading Index m/m
CAD Wholesale Sales m/m
Canada’s “Statistics Canada” release these monthly reports.
Since these three Canadian reports do not have much impact on the currency markets, I decided it may be a good opportunity to trade the USD reports.
Most early days/months, I would set up to trade the CAD involved currency pairs, but now I am more interested in USA Jobless Claims – so I changed my mind from EUR/USD and decided to set up to trade the USD/JPY.
Here is what happened:
USD – Initial Jobless Claims stats
Previous = 502K revised = 505K
Forecast = 503K
Actual = 505K
Bad- higher then “forecast” by 2K, higher then “previous” by 3K
But not that bad, came out at the same as the revised “previous.
USD – Continuing Claims stats
Previous = 5631K revised = 5650K
Forecast = 5600K revised = 5598K
Actual = 5611K
Bad – came out higher then the “forecast” by 11K, and higher then the revised “forecast” by 13K.
But not all that bad – came out lower then the “previous” by 20K, and lower then the revised “previous” by 39K.
Not very good for the US dollar, only two of the currency pairs moved any amount – GBP/USD and USD/JPY, both against the USD.
I had been set up to trade the USD/JPY currency pair, looking for a 30K difference between the “actual” and “forecast” of the Initial Jobless Claims — which did not happen. I did not enter a trade.
Here are the two currency pairs:
a one minute GBP/USD chart
The currency pair GBP/USD had a small up/down move the 1st minute – then moved up for 5 minutes about 23 PIPS.
a one minute USD/JPY chart
This currency pair USD/JPY moved down about 22 PIPS in 41 minutes.
The next scheduled release for the USD initial Jobless Claims and Continuing Claims will be on Thursday, 11-25-09 at 8:30 AM ET. They will be a different combination of economic news releases.
I will probably post “previews” a day or two prior.
Keep this mind, past performances are not an indication of future results.
Stay tuned!
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