Number of Unemployment, This is the Importance of the Initial Unemployment Claims Report on Forex Trading
Speaking of forex trading, there are many things you can consider before opening a sell or buy position. One of them is by observing the economic conditions of a country that is your destination currency. You can start looking for currency movements until the initial jobless claims report. This data can be your reference to continue trading or not.
The Initial Unemployment Claim Report or the term Initial Jobless Claims is a method to pay attention to changes in the labor market. Therefore, this report is an economic indicator, to a certain extent. This report is provided by the Labor Department’s Employment and Training Administration, and reports are issued every week on Thursday. This report provides information about data from the previous week, ending on the previous Saturday.
From the report you get, you will get information about how many people apply for state unemployment benefits for the previous week. This figure can be a predictor of what the economy is doing. If there is a significant increase in these claims, it could potentially point to slowing job growth, because unemployment is rising. On the other hand, when this number decreases, it can be a sign that the economy is accelerating in job growth and therefore economically healthy.
So, make sure before trading, observe several factors that affect your trading results. That way you can be wiser in managing the strategy.
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