Global macro overview for 22/04/2016:
The number of Americans applying for unemployment benefits unexpectedly declined last week, reaching its lowest level since 1973 (a 4-decade low). The data released yesterday revealed only 247K people were claiming unemployment benefits, whereas the market participants had expected 265K people, more than 256K a month ago. In conclusion, the Fed’s officials will likely consider the relative health of the labor market at next week’s policy meeting as the job market created 215,000 jobs in March and the unemployment rate is at 5.0% now. Two more rate hikes are still expected by investors, the only problem now is timing.
Let’s now take a look at the US Dollar index technical picture in the 4H time frame. We can see a strong bullish reaction to the upside from the 93.95 level and the market is currently trading just shy of 78%Fibo at the level of 94.93. Any break out higher would reaffirm bulls are in control over the market, especially if the pink rectangle supply zone is violated ( daily candle close above its upper boundary).
The material has been provided by InstaForex Company – www.instaforex.com
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