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Markets Maintain The Bullish Stance
Unemployment claims were slightly down from last week's revised number; as it ticked 1,000 lower form 389,000 to 388,00 this week, however it came 13,000 above market consensus. On the housing front, pending home sales surged by 4.1% in March from the 0.5% contraction in February.
High-yielders maintained the strong note against the greenback after Bernanke kept the door open for further stimulus. The EUR/USD traded above the key short term resistance at 1.3220, printing a daily high at 1.3263, however it’s currently hovering around 1.3220. The 50-days moving average is also forming good support around 1.3200. Thus, maintaining stability above 1.3210-1.3220 could push the pair to continue the upside bias towards 1.3270 again followed by 1.3300 and 1.3380. However, Stochastic is signaling ...
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Gold noses at $1,650 per oz after Fed meeting
(Reuters) - Gold rose for a third day on Thursday as weak employment figures and a pledge by the Federal Reserve the previous day to keep interest rates near zero weighed on the dollar and teased out some investor demand.
Data showed first-time claims for unemployment benefits in the United States were broadly unchanged last week, while a longer-term gauge rose to its highest level since January, undermining the dollar..
Gold usually trades inversely to the dollar as weakness in the U.S. currency makes it cheaper for non-U.S. investors to buy the metal.
Spot gold was up 0.4 percent at $1,649.84 an ounce at 1355 GMT, while U.S. gold futures for June delivery were up 0.5 percent at $1,651.00.
"There is little reason to sell gold at the moment," Andrey Kryuchenkov, an analyst at VTB ...
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JPY Advances ahead of Bank of Japan
USD remains soft after Bernanke indicated that the door was open for more stimulus if necessary at yesterday's press conference. Markets seemed to focus on this despite the upward revisions to the growth outlook and downward estimates of the unemployment rate this year. Weekly initial jobless claims today came in higher than consensus with a print of 388k from the prior 389k which was revised higher from 386k. The 4-week moving average in initial claims rose by over 6k for the third straight week - not an encouraging sign for the labor market. With employment struggling to gain traction and mixed interpretations of yesterday's FOMC meeting, markets are likely to focus on data surprises and price action will be impacted by QE3 speculation as it is still on the table.
UST yields are lower ...
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Oil up after Fed but jobless data limit rise
(Reuters) - Oil edged up on Thursday, but trading was choppy as optimism fueled by the Federal Reserve's commitment to low interest rates was curbed by weak U.S. jobless claims data and skepticism about efforts to resolve the dispute over Iran's nuclear ambitions.
The Federal Reserve's commitment to keep low rates and act further to support the economy if it weakens lifted global equities and the euro after the central bank's policy meeting concluded on Wednesday.
U.S. initial claims for jobless benefits fell only slightly last week, from a revised higher number from the previous period, and a trend measure rose, the latest sign of a slowing recovery for employment in the world's No. 1 oil consumer.
"(Fed Chairman Ben) Bernanke's comments are good for oil: people think that if growth ...
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Global stocks, euro choppy on U.S. jobs data
(Reuters) - Stocks seesawed and the euro slipped on Thursday as investors turned to safe-haven government debt and the dollar after U.S. jobless claims data disappointed and weak European sentiment fueled fears around the euro zone debt crisis.
The number of Americans lining up for jobless benefits fell only slightly last week and a trend measure rose, the latest sign of a weaker pace of healing in the still-struggling labor market.
Jobless claims "came in a lot higher than expected, which probably is raising a bit of concern again," said Phil Flynn, senior market analyst with PFG Best in Chicago. "We'll be in the slog for a while and obviously stocks took a little tumble on it. This could take some momentum away."
U.S. stocks seesawed shortly after opening. The Dow Jones industrial ...
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U.S. Initial Jobless Claims Higher than Expected in the Week Ending April 21
Expected in the Week Ending April 21
- US initial jobless claims slipped 1,000 to a higher than expected 388,000 level in the week ending April 21, 2012 from an upwardly revised 389,000 (was 386,000) the previous week. Market expectations were for the level of claims to fall to 375,000 in the latest week.
- Continuing claims inched up 3,000 to 3,315,000 in the week ending April 14, 2012 following a 41,000 rise to 3,312,000 the previous week.
- The four-week moving average of initial claims, which better controls for weekly volatility in the data, climbed to 381,750 from 375,500 (was 374,750) the previous week.
- The higher than expected level of initial claims in the latest week marked the third consecutive week that claims have held in the 388,000 to 389,000 range, which was ...
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Euro hit by poor data, dovish Fed limits losses
(Reuters) - The euro retreated from a three-week high against the dollar on Thursday as weak sentiment data increased concerns about the economic outlook for the euro zone, though losses were limited by the Federal Reserve pledging to be open on more stimulus.
Following a two-day policy meeting that finished on Wednesday Federal Reserve Chairman Ben Bernanke said policymakers were ready to launch another round of bond buying if the U.S. economy weakened.
The statement weighed broadly on the dollar, pushing it to a three-week low against the euro of $1.3263, before the common currency slipped on data showing euro zone economic sentiment fell more than expected in April.
U.S. initial weekly jobless claims showing a weaker pace of healing in the labor market sent the dollar to a one-week ...
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Jobless claims barely fall in latest week
(Reuters) - The number of Americans lining up for jobless benefits fell only slightly last week and a trend measure rose, the latest sign of a weaker pace of healing in the still-struggling labor market.
Initial claims for state unemployment benefits dropped by 1,000 to a seasonally adjusted 388,000, the Labor Department said on Thursday. The prior week's figure was revised up to 389,000 from the previously reported 386,000.
"This was a disappointing number and offers more evidence that the labor market continues to lose traction," said Joe Manimbo, an analyst at Western Union Business Solutions in Washington.
Economists polled by Reuters had forecast new claims falling to 375,000 last week.
Prices for U.S. government debt extended gains following the release of the data. U.S. stock ...
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The U.S market expects today cheerful labor and housing data
The world's leading economy continues on "expanding moderately" as attested once again by the Federal Open Market Committee along with an official affirmation that clear signs of enhancement are witnessed throughout the country's labor and housing sectors, which will most probably be shown today as well, yet the overall recovery of these activities remains gradual and insufficient to boost strong growth.
In fact on one hand the country's key sector; the labor market, has improved clearly this past period and throughout the recent months as shown by several data released mainly, yet it remains acknowledged that the enhancement pace of this sector remains slow and insufficient as overall jobless levels remain elevated at 8.2 percent.
Never less later on today further cheerful data may be ...
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