Trading the News: U.K. Jobless Claims Change
What’s Expected:
Time of release: 05/18/2011 8:30 GMT, 4:30 EST
Primary Pair Impact:GBPUSD
Expected: 0.0K
Previous: 0.7K
DailyFX Forecast: -1.0K to 2.0K
Why Is This Event Important:
U.K. j
By: Hillel Fuld
The USD was on the defensive close to a a 3-½ month low versus a variety of currencies after poor U.S. jobless claims figures raised worries that Friday’s payroll data could paint a sad picture of the U.S. economic recovery.
A negative reading could fuel rumors that the Federal Reserve may consider additional easing steps as early as next week, which could increase pressure on the greenback particularly against the Japanese coin, given the pair’s recent strong correlation with U.S.