Key Fundamental Forex Data from U.S.

A rich day for the economical news releases from United States was today.
First, the weekly initial jobless claims data came out at the better than expected level showing only 301,000 claims for the previous week which signals the continued moderation of the U.S. unemployment rate.
Second, the leading indicators came out unexpectedly low at -0.3%, while analysts were expecting a growth of 0.1%.
Third, Philadelphia Federal Reserve manufacturing index came out at 9.2 - nearly a half of the expected 14.0.
And, at last, today's main news maker - FOMC minutes for the June 27-28 meeting were released today. The main idea of the minutes is that while the in the first quarter of 2007 economy grew at a slightly slowed down pace, the second quarter is more promising with the good news on industrial production and employment indicators; still the main concern for the Committee remain the inflation risks, while the GDP growth is estimated to be rather high in the rest of 2007.

EUR/USD Uptrend Lowers Pace

EUR/USD, showing three days of straight growth with new monthly maximums every day, slightly lowered its rally today. Almost touching 1.3800 this currency pair stopped at 1.3797 and then rolled back for around 20 pips. Meanwhile, initial jobless claims for the previous week came out better than expected - 308,000 against 320,000 claims. U.S. trade balance came out at the expected level - $60.0 billions. If tomorrow Friday will be bullish and the 1.3800 level be broken a larger scale uptrend for EUR/USD will begin.

Good News from U.S. Economy

With an impressively high ISM Services index today's macroeconomic data from United States was a very optimistic news for USD bulls. June ISM non-manufacturing index came out at 60.7% - 1% higher than May number, and a lot better than expected, since the negative change in ISM index was expected. Crude oil inventories for the previous week came out at a very good level too. They rose 3.1 million barrels - which will probably mean that there will be no problems for the U.S. holidays period. Initial jobless claims were a bit worse than expected (318,000 against 315,000) - but it's not a big deal really, especially if overall unemployment data which will come tomorrow will be OK.
As for the Eurozone - European Central Bank decided to leave the interest rates at 4% - no surprise here. But they also didn't mention any dangers of inflation, like they did before, so it might be a first sign for the end of ECB rate hike.
Bank of England increased the interest rates to 5.75% as expected. The main concern for them is still an inflationary pressure, but the biggest locomotive of the consumer prices in United Kingdom - real estate market is showing a slowdown.

Some Important Data from U.S.

Today some important macroeconomic data came out in United States - final data on GDP and final chain deflator for the first quarter of the 2007. Though this data is very important for Forex markets its neutrality prevented any large affect on the market. GDP came out inside the expected borders - 0.7% which is by 0.1% better than previous value. Chain deflator was slightly higher than expected - 4.2% against 4.0%. Today data on initial jobless claims were also released - 313,000 against 315,00 expected - not much surprise here too. FOMC policy statement will be released today - maybe there will be something in it, that will move Forex market out if its flat condition.

EUR/USD Unsure on Mixed Fundamental Data

EUR/USD is still ranging making this week pretty calm compared to some previous weeks which showed us an amazing volatility and trendiness. The main reason for this slow Forex market I can see in the rather neutral economic releases we've seen this week. While the number and the market importance of these releases were relatively low. Today the most important data were initial jobless claims which appeared 14K above expected number - 324K against 314K for the previous period (10K increase). Leading indicators, which usually don't do much for the Forex came 0.1% higher than expected - at the level of 0.3%. Federal Reserve Bank of Philadelphia manufacturers report showed a notable improvement in May.

EUR/USD Ranging while Macroeconomics Show No Surprises

Today, Forex was pretty calm for EUR/USD pair with the only spike to 1.3279. But this day was rich on the macroeconomic releases bot from Eurozone and U.S. Though, they were in the bounds of experts' expectation. European CPI came out to be slightly lower than expected in month to month representation. U.S. jobless claims were one thousand lower than expected, but the previous number was revised towards a bit higher value. Producers Price Index in U.S. increased better than expected - 0.9% against 0.6%.

Focus of the Day: BoE Rates and U.S. Jobless Claims

Bank of England voted to maintain its Bank Rate (interest rate) at 5.50% level - unchanged. It wasn't a surprise for Forex traders, but there was a slight possibility of interest rate hike from the BoE, so results are more bearish for the pound. From the United States the Initial Jobless Claims data for the previous week came - 309,000 against 315,00 expected - good result which moved EUR/USD back below 1.3450 level returning to the bearish trend.