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CPI at 0.3%, Jobless Claims at 330k, Oil Inventories Grow

November 15, 2007 (Last updated on December 2, 2009) by

The release of the not so good news from the U.S. economy caused a wave of bullish dollar speculation on Forex with the increased risk aversion sentiments among traders. Going back from stocks to bonds wasn’t prevented even by the fear of another possible cut rate before the year’s end. EUR/USD fell from almost 1.4700 to the powerful psychological support level of 1.4600.

Bureau of Labor Statistics
published its consumer inflation data — CPI increased only by 0.2% in October, whereas 0.3% growth was mostly anticipated. U.S. Department of Labor gave its numbers for the previous week’s initial jobless claims — 339,000 — 14,000 higher than expected.

Crude oil inventories report finally gave a positive sentiment for the dollar bullish traders — there was a 2.8 million barrels growth last week. A good sign after some major decreases, which spiked oil prices to $100/barrel and depreciated dollar against other currencies.

Unexpectedly, Philadelphia Fed General Business Conditions Index increased significantly in November compared to October — constituting 8.2 against 6.8 in October with even more pessimistic forecasts for November.

2 Responses to “CPI at 0.3%, Jobless Claims at 330k, Oil Inventories Grow”

  1. DayTradeWorld

    Still betting that most parts of the world will heading for resession.

    Reply

  2. enivid

    That’s probably the case. But the question is when this recession will start?

    Reply

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