U.S Unemployment Claims will Determine Today's Trend

By IBTimes Staff Reporter | January 28 2010 7:02 AM

The U.S. Dollar awaits the publication of the Unemployment Claims at 13:30 GMT from U.S. The result is expected to be 451K, slightly better than the previous result of 482K. This economic news release is expected to be the key driver of forex trading, and trading of the USD's main crosses as the U.S market opens.

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So far today, the EUR/USD cross is virtually unchanged at the 1.4005 level. The greenback is actually trading about 100 pips lower against the GBP, following a bearish movement for the GBP/USD in last week trading. Against the Japanese currency, the USD/JPY is currently trading at 90.20.

The other release today that is set to determine the levels for the USD and its most traded pairs are the Core Durable Goods Order at 13:30 and Treasury Sec Geithner Speech at 14:45 GMT. These are the main events for today, and are set to determine the strength of the main crosses. Therefore, it is advised that you open positions in the major pairs now.