Global macro overview for 09/12/2016
December 9, 2016 12:23 pmVideo
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Global macro overview for 09/12/2016:
The US Unemployment Claims for November had been released yesterday and they were just in line with expectations. The number of Americans filing for unemployment benefits dropped from five-week highs last week to the level of 258K (268k prior). This means the initial claims remain below 300k level for 92nd straight week and the four-week average has moved to 252,500 level. It looks like the US job market is near full employment as the unemployment rate remains steady at 4.6%. The conditions on the job market seems to be getting better, so this might be another reason for FED to increase the short-term interest rate by 0.25bp to the level of 0.75% at the meeting next week ( December 17th).
Let’s now take a look at the US Dollar Index technical picture at the daily time frame. The bulls are still in control over this market and yesterday’s bullish reversal candlestick pattern supports the view. Currently, the market should head towards the level of 102.06 in order to test it or break out higher. Please notice, that the price is starting to diverge from the momentum oscillator, which might suggest the larger correction is just around the corner.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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