Euro Climbs As Draghi Mentioned Nothing New

Euro Climbs As Draghi Mentioned Nothing New

By: Oliver Miller | Where To Trade | On:2-10-2014 13:19
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Key Highlights

  • US initial jobless claims fell from the previously revised reading of 295K to 287K.
  • US Continuing Jobless Claims also fell to 2,398K whereas the market was expecting a rise to 2,438K
  • Spanish unemployment change figure came in better than expected with a reading of 19.7K, whereas the market was expecting it to be around 31.3K.
  • GBPUSD completely ignored better than expected UK construction PMI, as it climbed from 64.0 to 64.2.
  • ECB kept the interest rates unchanged. EURUSD pair was unmoved after the release and waiting patiently for Draghi’s remark for a move.

US Initial Jobless Claims

The US Initial Jobless Claims was released by the US Department of Labor about an hour ago. The market was expecting an increase of 4000 this time around. However, the outcome was better than expected, as the US Initial Jobless Claims fell by 8K in the week ending September 27 on the seasonally adjusted basis. There was a revision in the previous reading as well, as the US Initial Jobless Claims for the last week was revised up from 293K to 295K. So, the net decline was more if we consider the revision. The 4-week moving average is now around 294,750, which is 4,250 less than the previous week's revised average. Moreover, the insured unemployment (continuing jobless claims) was 2,398,000 during the week ending September 20, which is the lowest since June 17, 2006. So, overall the outcome was on the positive side, but the reaction from the US dollar was not encouraging.

 

US IJC

The US Challenger Job Cuts data was also released earlier today by the Challenger, Grey & Christmas. The report mentioned that the US Challenger Job Cuts lowest level in 14 years in September 2014, and registered a reading of 30,477 during the month. The most important thing to note is that the September total was 24% lower than the one announced in August. There was hardly any reaction from the US dollar, as the investors were not seen willing to jump into positions ahead of the key risk events lined up later.

UK Construction PMI

The UK construction PMI was the highlight during the London session, which was released by the Chartered Institute of Purchasing & Supply and Markit Economics. The market was expecting the UK construction PMI to fall this time from 64.0 to 63.5. However, the end result was way above the expectation, as the UK construction PMI rose to 64.2 in September 2014 from the previous month reading of 64.0. The report highlighted that the UK managed to register strong output growth across the construction sector, which was mainly driven by increases in housing, commercial and civil engineering activity.

The GBPUSD pair did not like the outcome at all, as it was seen trading lower after the release. It fell by more than 80 pips, and even broke the last low of 1.6165 to challenge the 1.6140 support area. Let us see how the pair trades in the coming hours and whether it can manage to hold 1.6120 or not. 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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