A report today showed the unemployment rate in the U.S is at 6.5%, a 14 year high.This is certainly a weak figure which points out how the damage of the credit crisis is starting to affect the real economy in America.
As a result the dollar traded weaker against the EUR taking the EURUSD back to 1.27 where it started off this week, before the climb above 1.3.
The USDJPY is also trading just around the levels it opened the week, after it topped at 100.56 and bottomed at 96.75
Generally it was quite a swingy week for the EURUSD and USDJPY just as i projected on Monday’s post.
The flow of information regarding interest rates and employment figures together with the most exiting U.S elections day in decades made it rather confusing for traders to pick a direction and stick to it.
Some traders live to swing their trades from one direction to another. Others prefer a trend to follow. The smartest thing However is to learn how to recognize a swinging environment from a trendy one, and then build your trading plan according to that recognition. Surly one day I will write a post explaining how I do just that
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