Initial Jobless Claims Fall, US Dollar Gains

Focus on other data, and risk aversion, in the FX market

Initial jobless claims fell last week, but the news isn’t spurring risk appetite. Instead, forex traders are focusing on other news right now. Concerns about corporate earnings, skepticism about a Greek deal, and uncertainty about Ben Bernanke‘s Congressional testimony later on all have forex traders a little jittery.

As a result, the US dollar has the upper hand against high beta currencies like the euro and the pound. US dollar is moving in tandem with gold prices right now, heading higher with gold, even as oil prices pull back.

It looks like an interesting day ahead. The forex trading forecast is likely to be a bit unsettled. Forex traders are looking for direction, and there are too many conflicting signals for anyone to really see some solid direction on the FX market. 

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