Home Daily Commentaries US unemployment claims fall

US unemployment claims fall

Alex Hartley
Written by
Alex Hartley

Alex Hartley

OFXpert

Driven by a passion for currency markets and data movement, Alex finds great appeal in the dynamic nature of the industry.

| Friday 9 February, 2024

Daily Currency Update

Applications for US unemployment benefits fell for the first time in three weeks, data showed yesterday. Initial claims decreased by 9,000 to 218,000 from the week previous and also came under the forecast of 221k. Alongside this data announcement were comments from members of both the US Federal Open Market Committee and UK Monetary Policy Committee, but nothing came from these to offer real direction to the FX market.

GBP/USD continues to trade above 1.2600 after its recent fall from 1.2750. The currency pair did temporarily drop below 1.2550 at the start of this week but has remained higher since. GBP/EUR sees support around 1.1700, trading above this big figure over the past 48 hours. EUR/USD opens above 1.0750.

Key Movers

There is little in the way of ‘heavyweight’ macroeconomic data today. As this is the case, eyes will turn to next week's data releases for guidance on FX volatility. China will begin its one-week bank holiday on Monday celebrating the Chinese New Year. Inflation data should hold the headlines next week with releases expected from the US on Tuesday and from the UK on Wednesday. Alongside this key data will be month-on-month GDP figures from the UK. Any indicators of central banks' future interest rate decisions could be the driver for FX volatility.

Expected Ranges

  • GBP/USD: 1.2560 - 1.2670 ▲
  • GBP/EUR: 1.1670 - 1.1740 ▲
  • GBP/AUD: 1.9280 - 1.9450 ▲
  • EUR/USD: 1.0720 - 1.0810 ▲

Written by

Alex Hartley

OFXpert

Driven by a passion for currency markets and data movement, Alex finds great appeal in the dynamic nature of the industry. With over 20 years of experience, Alex works closely with businesses to understand their foreign exchange requirements and align them with solutions. Placing a strong emphasis on customer service, he takes pride in nurturing long-lasting relationships with clients.