Jobless claims in the United States today were released at 363K Thursday. This is down 9,000 from last week’s revised number. It is the last weekly jobless report before the United States Presidential Election.
The ADP released that private sector employment increased by 158,000 jobs from September to October.
Friday has a high potential of volatility because of Non-Farm and the U.S. Unemployment rate being released. Both of these news announcements will be the last of their kind before the Election, which can magnify their influence.
The unemployment rate was released at 7.8% last month, the lowest we have seen since January 2009.
Being released 4 days ahead of Election Day, Friday’s reports will be the final view of the labor market before voters mark the ballet.
Earlier this week there were doubts of the reports being released on time because of Hurricane Sandy. Wednesday, the Department of Labor confirmed that the reports will be released Friday. The data collected for the report was collected before the storm struck therefore, the data should not be affected by Hurricane Sandy.
Forex Traders, other investors, and economists will no-doubt be watching for these releases tomorrow morning. In result of all the good U.S. News from October, I think I would be surprised if there was any bearish action. Fundamental momentum seems to be on the USD’s side, and with an Election in less than a week, the U.S. Dollar has to be bullish right? We will see tomorrow at 8:30am.
Be careful trading tomorrow and if you haven’t read about how the Forex market can be affected by the Election, you can read it here: United States Presidential Election’s Effect on the Forex Market.
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