U.S. News Update

FOMC & Unemployment Claims

This afternoon FOMC released their Monetary Policy statement and had their Chairman’s press briefing.

As always, Bernanke gave a statement and then answered questions from the Press.

In the process he addressed that there is slow progress in bringing down unemployment. Tomorrow could be a short-term confirmation of that with unemployment claims being released.

Bernanke made it clear that if we don’t see continued improvement in labor markets, the Fed is ready to take addition steps for improvement’s sake.

Towards the end of the press conference Bernanke mentioned that it’s the first time since 2005 that seven governors attended the meeting.

Tomorrow (Thursday June 21st) at 8:30am EST U.S. Unemployment Claims will be released. With the back to back news you can expect volatility. The forecast is 381K it will be interesting to see what amount is released tomorrow morning. At last announcement, there was a rise of $6,000 Americans filing initial claims.

Here is a 5 min time frame chart of the EURUSD movement during this afternoon:

Written By: Tony College

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