U.S. Weekly Jobless Claims Unexpectedly Edge Down To 787,000

Trading 31 Déc 2020 Commentaire »

A report released by the Labor Department on Thursday unexpectedly showed a modest drop in first-time claims for U.S. unemployment benefits in the week ended December 26th.

The Labor Department said initial jobless claims edged down to 787,000, a decrease of 19,000 from the previous week's revised level of 806,000.

The dip surprised economists, who had expected jobless claims to rise to 833,000 from the 803,000 originally reported for the previous month.

Meanwhile, the report said the less volatile four-week moving average climbed to 836,750, an increase of 17,750 from the previous week's revised average of 819,000.

The Labor Department said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, fell by 103,000 to 5.219 million in the week ended December 19th.

The four-week moving average of continuing claims dropped to 5,457,250, a decrease of 77,000 from the previous week's revised average of 5,534,250.

"We think that holiday noise and uncertainty about extensions of benefits may have held down claims last week," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.

She added, "The risk is for a rise in claims in the weeks ahead now that emergency programs have been extended and an additional $300 in weekly benefits is being provided."

Next Friday, the Labor Department is scheduled to release its more closely watched report on the employment situation in the month of December.

Economists currently expect employment to rise by 100,000 jobs in December after climbing by 245,000 jobs in November. The unemployment rate is expected to inch up to 6.8 percent from 6.7 percent.


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U.S. Weekly Jobless Claims Unexpectedly Edge Lower

Trading 31 Déc 2020 Commentaire »

A report released by the Labor Department on Thursday showed a modest drop in first-time claims for U.S. unemployment benefits in the week ended December 26th.

The Labor Department said initial jobless claims edged down to 787,000, a decrease of 19,000 from the previous week's revised level of 806,000.

The dip surprised economists, who had expected jobless claims to rise to 833,000 from the 803,000 originally reported for the previous month.

Meanwhile, the report said the less volatile four-week moving average climbed to 836,750, an increase of 17,750 from the previous week's revised average of 819,000.


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Dollar Little Changed After U.S. Weekly Jobless Claims

Trading 31 Déc 2020 Commentaire »

The U.S. weekly jobless claims for the week ended December 26 have been released at 8:30 am ET Thursday. After the data, the greenback changed little against its major counterparts.

The greenback was trading at 103.07 against the yen, 0.8799 against the franc, 1.2279 against the euro and 1.3635 against the pound around 8.33 am ET.


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*U.S. Initial Jobless Claims Dip To 787,000 In Week Ended 12/26

Trading 31 Déc 2020 Commentaire »

U.S. Initial Jobless Claims Dip To 787,000 In Week Ended 12/26


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Dollar Mixed Ahead Of U.S. Weekly Jobless Claims

Trading 31 Déc 2020 Commentaire »

The U.S. weekly jobless claims for the week ended December 26 are due at 8:30 am ET Thursday. Ahead of the data, the greenback traded mixed against its major counterparts. While the currency rose against the euro, it fell against the franc. Against the yen and the pound, it held steady.

The greenback was worth 103.08 against the yen, 0.8799 against the franc, 1.2278 against the euro and 1.3633 against the pound at 8:25 am ET.


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NZDUSD touches 0.72 with a second bearish divergence as expected.

Trading 31 Déc 2020 Commentaire »

NZDUSD remains in a bullish trend making new higher highs today at 0.7237. Price is now below 0.72 as bulls could not respond to selling pressures. The RSI gave us another warning signal today as its value did not follow the price of NZDUSD. The RSI made a lower high thus producing a second bearish divergence.

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Blue lines - bullish channel

Red lines -bearish divergence

NZDUSD RSI is hitting the red downward sloping trend line resistance connecting all previous lower high tops. This is the definition of a bearish divergence. This is not a sell signal or a reversal signal. This is a warning signal and should be taken under serious consideration. Such a signal implies increased chances of a trend reversal. Support by the lower channel boundary is at 0.71. Breaking below it will confirm that an important top is in. At current levels I prefer to be at least neutral if not bearish.

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Ichimoku cloud indicator Daily analysis of EURUSD

Trading 31 Déc 2020 Commentaire »

EURUSD ends the week under pressure but still at higher levels than last week. Price reached 1.2310 earlier today but sellers stepped in and pushed price lower towards 1.2230. EURUSD is under pressure but so far there is no trend reversal confirmation as price remains inside the bullish channel.

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Green lines -bullish channel

EURUSD is testing the lower channel boundary. Bulls do not want to see price break out of the bullish channel. Recent low at 1.2129 is key support level for the short-term bullish trend. Breaking below it will be a bearish sign.

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EURUSD remains above the tenkan-sen (red line indicator). As long as price is above it, we continue to expect to see new higher highs over the coming 1-2 sessions. If price breaks below the tenkan-sen then we should expect it to push lower towards the kijun-sen (yellow line indicator) at 1.2095.The material has been provided by InstaForex Company - www.instaforex.com

No surprise for Gold at the end of the week

Trading 31 Déc 2020 Commentaire »

At the last session of the week Gold price did not surprise us with a break out or rejection. Price is very close to key resistance but no new trading signal was given. Short-term trend remains bullish as price continues to grind higher.

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Green line -resistance trend line

Red line - support trend line

Gold price is still above the support trend line and is approaching the major resistance at $1,900. So far bulls tried to recapture the $1,900 level twice but both times they failed. Support in the short-term is found at $1,879.

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Blue lines - bearish channel

Gold price is testing upper channel boundary. A rejection would be a bearish sign. A move lower towards the lower channel boundary can not be ruled out. However for this scenario to become our primary scenario, we need price to break below key support levels like $1,850-$1,790.

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Euro Falls As U.S Tariffs, Tighter Restrictions Weigh

Trading 31 Déc 2020 Commentaire »

The euro dropped against its major counterparts during the European session on Thursday, as European stocks fell on the last trading day of the year, with markets in Germany, Switzerland and Italy closed for the New Year Eve holiday.

Trading volumes were light as many traders were away from their desks ahead of the New Year break. London's FTSE 100 and and France's CAC 40 will close early today.

The U.S. government's decision to increase tariffs on EU products weighed on sentiment.

The Office of the U.S. Trade Representative on Wednesday said that it would hike tariffs on aircraft components and wines from France and Germany.

Amid surging virus cases, the U.K. government tightened restrictions in more parts of the country.

The Midlands, North East and parts of the North West and South West will be moved to Tier 4 restrictions from today.

The euro fell to 1-week lows of 1.5635 against the loonie and 0.8975 against the pound, after rising to 1.5690 and 0.9032, respectively in early deals. The next possible downside target for the euro is seen around 1.54 against the loonie and 0.88 against the pound.

The euro depreciated to a 3-day low of 126.45 against the yen, following a high of 126.98 seen at 7:30 pm ET. The euro is likely to test support around the 122.00 level.

The single currency reached as low as 1.2275 against the greenback, down from a high of 1.2309 set at 8:00 pm ET. The euro is seen finding support around the 1.20 level.

Extending early declines, the euro hit a 1-1/2-year low of 1.5868 against the aussie and a fresh 5-week low of 1.6955 against the kiwi, off its previous highs of 1.6010 and 1.7074, respectively. Next immediate support for the euro is seen around 1.56 against the aussie and 1.66 against the kiwi.

Looking ahead, the U.S. weekly jobless claims for the week ended December 26 will be featured in the New York session.


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Gold Futures Modestly Higher, Set To End Year On High Note

Trading 31 Déc 2020 Commentaire »

Gold futures are modestly higher Thursday morning, with a slightly weak dollar, and rising worries about surging coronavirus cases pushing up demand for the safe-haven asset.

Despite commencement of massive administration of coronavirus vaccines in several countries, worries about a new strain of the virus which was first noted in the U.K. are likely to weigh on riskier assets.

The dollar index, which slid to 89.52, is currently at 89.63, down 0.06% from previous close.

Gold futures for February are up $4.10 or 0.22% at $1,897.50 an ounce.

Gold futures look set to end calendar year 2020 with a gain of about 25%. Massive stimulus measures from global central banks and several governments amid the coronavirus pandemic pushed up gold prices this year.

On the economic front today, data on jobless claims for the week ended December 26th, is due out at 8:30 AM ET.


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