Today’s unemployment report showed 346K people out of work.
Expectations for this week’s release were 347K. With very little deviation, there will likely be little affect on the market. This week’s report is 8K less than last Thursday’s.
Pending Home Sales
May’s Pending Home Sales figures will be released today at 10am EST (New York Time). These contracts to purchase previously owned U.S. homes jumped 0.3% in April, reaching the highest index reading since April of 2010. Pending Home sales are expected to increase an additional 1.1% today.
The Market’s Reaction
The EURUSD is hanging around the very strong 1.30 resistance level. The U.S. Dollar has been strong against the Euro this week, but will need a serious boost to break the 1.30 resistance. Unemployment claims didn’t deviate much from the expectation, but if there is a strong Pending Home Sales report, after the market digests it, maybe the USD will have the strength it needs to break through.
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: