U.S. Unemployment Claims Rise. The number of Americans who filed applications for unemployment benefits rose sharply gained throughout last week. U.S. Labor Department report showed claims increased by 38,000 to 368,000, exceeding expectations of an increase to 350,000 from economists. The surge comes just two weeks after the jobless claims figures hitting a 5-year. Volatility seems to represent the government's difficulties adjusting the data to account for layoffs after the holiday shopping season. Trimming work usually surged in the 2nd week of January as retailers lay off temporary workers hired for the winter holidays. While the average unemployment claims in a 4-week, which is a measure of labor market trends, only recorded a slight increase to 352 000 or just above the lowest level in 4-years.
Sentiment Choppy Trading Forex Market Dominance
The situation led to the end of choppy trading in the forex markets, causing the U.S. dollar strengthened against the euro, but weakened when compared to Japanese yen, pound sterling, and the Aussie. U.S. economic data again shows a picture of the pace of recovery is still sluggish, with jobless claims rising again to 368 000 after 2 consecutive months perched on a fairly low level. The increase in unemployment benefit claims was likely caused by seasonal factors, but have not indicated a significant reduction in U.S. employment sector.
The other surprise is the surge in personal income of 2.6%, this figure shows a substantial increase in financing of U.S. individuals, on the other hand, the growth rate of personal spending actually slowed to 0.2% from 0.4%, which is quite positive for the economy due to rising income levels, but more a lot of saving money. Furthermore, market participants will get Chicago PMI Data were not likely to trigger a reaction in the forex market, especially after the recent market reaction was minimal on U.S. economic data surprises.
Gold Induced Technical Correction
Gold spot prices traded moderately lower ahead of the opening of the session of Wall Street on Thursday, affected by a technical correction and consolidation has strengthened sharply after the day before. The U.S. dollar index is quite stable and the decline in oil prices added another precious metal that triggers a correction. Observed so far Gold futures prices for the month February contract fell -0.34% at $ 1,671 per troy ounce, compared to yesterday's close at $ 1,676.70 per troy ounce.
Furthermore, market participants will focus on the data non-farm payrolls for the month of January to be released on Friday. Technically, gold prices are likely to retest key resistance 1700. Failing the above through the area, profit taking potentially dominate sentiment and weakening to trigger technical support 1651. Nearest resistance appears in the area from 1680 to 1683. While the nearest support at 1661 area.
Sentiment Choppy Trading Forex Market Dominance
The situation led to the end of choppy trading in the forex markets, causing the U.S. dollar strengthened against the euro, but weakened when compared to Japanese yen, pound sterling, and the Aussie. U.S. economic data again shows a picture of the pace of recovery is still sluggish, with jobless claims rising again to 368 000 after 2 consecutive months perched on a fairly low level. The increase in unemployment benefit claims was likely caused by seasonal factors, but have not indicated a significant reduction in U.S. employment sector.
The other surprise is the surge in personal income of 2.6%, this figure shows a substantial increase in financing of U.S. individuals, on the other hand, the growth rate of personal spending actually slowed to 0.2% from 0.4%, which is quite positive for the economy due to rising income levels, but more a lot of saving money. Furthermore, market participants will get Chicago PMI Data were not likely to trigger a reaction in the forex market, especially after the recent market reaction was minimal on U.S. economic data surprises.
Gold Induced Technical Correction
Gold spot prices traded moderately lower ahead of the opening of the session of Wall Street on Thursday, affected by a technical correction and consolidation has strengthened sharply after the day before. The U.S. dollar index is quite stable and the decline in oil prices added another precious metal that triggers a correction. Observed so far Gold futures prices for the month February contract fell -0.34% at $ 1,671 per troy ounce, compared to yesterday's close at $ 1,676.70 per troy ounce.
Furthermore, market participants will focus on the data non-farm payrolls for the month of January to be released on Friday. Technically, gold prices are likely to retest key resistance 1700. Failing the above through the area, profit taking potentially dominate sentiment and weakening to trigger technical support 1651. Nearest resistance appears in the area from 1680 to 1683. While the nearest support at 1661 area.
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