Unemployment figures fell to 4 year lows today. With no expectation of an unemployment rate change, the drop to 7.3% moved the forex market early Friday morning. The unemployment’s deviation was much more significant than the nonfarm payroll figures that showed little job growth.
The drop in the unemployment rate shows that people are giving up their search for work, which could delay any Federal Reserve Tapering efforts later this month.
In result of the news this morning, the EURUSD spiked up to around 1.317 and retraced back towards the 1.310 mark.
G20 Meetings are currently underway in Petersburgh, Russia. Reports say that Obama is being pressured to take action on Syria. Syria is definitely a focal point of the meetings and news of agreed action against Syria could shake the world market, dependent on timing, leading to Sunday gaps.
For news updates and more fundamental analysis, follow the Winner’s Edge account. Follow Casey’s twitter account, Nathan’s twitter account, and Tim’s twitter account too for Forex analysis, and trade ideas!
For the most recent Technical Analysis click here!
Winner’s Edge Trading, as seen on: