The market is set to go increasingly volatile today on the publication of U.S. Unemployment Claims at 12:30 GMT and the Philly Fed Manufacturing Index at 14:00 GMT, and Treasury Secretary Timothy Geithner’s speech at 13:30 GMT . In turn this economic news will help determine the strength of the Dollar versus its major currency pairs going into end of week trading. In order to take advantage of the forex market now, traders are advised to start opening their USD positions now, prior to the release of this crucial data.
Read the complete in depth forex analysis of today at our forex news center
Written by Anton Eljwizat - Forex Trading Education Senior Analyst
With an abnormal number of news events coming from Britain and the United States today, forex traders have been in a frenzy to place their bets before the trading day gets underway. Trading during these news events, which typically carry a lot of market volatility, is a fast way to double your forex trading balance. Special attention should be paid to the British Retail Sales at 8:30 GMT, the U.S Unemployment Claims report at 12:30 GMT, and Treasury Secretary Timothy Geithner�s Speech at 13:30 GMT. Will you take advantage of the impending volatility, or sit on the sidelines and miss out?
12:30 GMT: U.S Unemployment Claims
� This indicator reflects the number of individuals who filed for unemployment insurance for the first time during the past week.
� Better-than-expected results may help the Dollar recover some of yesterday�s losses against some of its crosses such as the EUR.
� If the results turn out to be lower than forecasts, then the Dollar may record a fairly bearish session in today�s trading.
� Traders should focus their attention on this release, as this is expected to be the highlight of the day for forex traders.
13:30 GMT: Treasury Secretary Geithner�s Speech
� This speech is likely greatly Impact USD trading.
� It has great potential of creating volatility in the market.
� Traders should pay close attention to the market as there is an opportunity for traders to capitalize on the fluctuations which are likely to follow his speech.
Tips on Crude Oil
� Crude Oil prices experienced another day of appreciation as the oft-traded commodity rose above $72 a barrel.
� If the U.S. publishes positive economic news, then Oil prices are set to continue their bullish run into next week.
� As for today, the economic figures coming out of the U.S. and Europe are likely to impact the volatility of Oil prices.