By Greg Holden
Today promises to be a heavy trading session, as significant news out of the US is set to create major market volatility. The USD has recently seen some significant losses against its main currency rivals. Whether today’s news will help the greenback recover some of its losses is still unknown. What can be said for sure is that traders will want to keep an eye on the day’s events.
Here is a roundup of today’s main economic indicators:
13:30 GMT: USD Core Durable Goods Orders
This report is a measure in the percentage change in value of purchase orders with durable goods manufacturers, excluding the transportation industry. This report acts as a leading indicator of production as it represents the latest update on manufacturing demand in the market for the past month. Should this figure come in at or above expectations, traders may take this as a sign of a strengthening US economy and buy back into the USD prior to week’s end.
13:30 GMT: USD Unemployment Claims
The weekly US unemployment claims figure is widely considered to be one of the more significant events on the forex calendar. Unemployment remains a key stumbling block to economic recovery in the US.
Analysts are predicting today’s figure to come in slightly better than last week’s. At the moment, forecasts are for around 403K. Should the unemployment number come in at or below this number, traders can expect the dollar to make some afternoon gains, possibly recouping some of its latest losses.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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