Global macro overview for 19/08/2016:
About a month ago, Unemployment Claims in the US hit the 43-year low of 248,000 Americans filing for unemployment benefits in mid-April. Since then, figures from the US jobs market have been slowly increasing. According to the Department of Labor, claims have dropped last week to the level of 262,000 (which was the lower number than market expectations of 269,000 and lower than the last week number of 266, 000). In conclusion, last week was a 76th consecutive week when unemployment claims were recorded below the 300,000 level. This is rather good news for the US jobs market. Besides, as we know the recent NFP and ADP indicators posted very good figures as well. The question remains, whether the FED policy makers will act towards rising the interest rate hike in September or not.
Let’s now take a look at the US Dollar index technical picture in the daily time frame. The higher highs and higher lows sequence since the bottom at the level of 91.93 is still in play and only a sustained break out below the level of 93.02 would change the outlook from bullish to bearish. So far bears have managed to push the price lower towards the 100% Fibo extension at the level of 93.87, but a rebound and trend continuation is expected after this level is hit.
The material has been provided by InstaForex Company – www.instaforex.com
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