The U.S. Unemployment Claims is the primary publication today that is set to determine the level of the USD when it is released at 13:30 GMT. The other main releases that are set to dominate forex trading, especially for currencies such as the Dollar and EUR is the publication of the Industrial Production from the Euro-Zone at 10:00 GMT and Crude Oil Inventories at 16:00 GMT. Traders may find good opportunities to enter the market following these vital announcements.

Summary

USD - Unemployment Claims Report on Tap - Will USD Weakness Continue?

EUR - EUR Strengthens as GBP Sinks

JPY - Yen Declines as Stock Market Rallies

Crude Oil - Traders Await Crude Oil Inventories Report

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The U.S. Unemployment Claims and U.S. Core CPI data are set to drive forex trading today when they are released at 12:30 GMT. If strong economic data continues to be published from the U.S, U.K and Europe today, combined with strong equity performances this may continue to lead to a sell-off of safe haven currencies today, and push investors to higher yielding, riskier currencies as many see the global recession coming to an end. This could also push Crude Oil to the $77 price level.

Summary

USD - Dollar Falls to a 14-Month Low

EUR - EUR Rises on Increased Optimism

JPY - Yen Loses Ground on All Fronts

Crude Oil - Crude Oil Rises Above $75 a Barrel

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The market is set to go increasingly volatile today on the publication of U.S. Unemployment Claims at 12:30 GMT and the Philly Fed Manufacturing Index at 14:00 GMT, and Treasury Secretary Timothy Geithner's speech at 13:30 GMT . In turn this economic news will help determine the strength of the Dollar versus its major currency pairs going into end of week trading. In order to take advantage of the forex market now, traders are advised to start opening their USD positions now, prior to the release of this crucial data.

Summary

USD - USD Weakens on Weak U.S. Inflation Data

EUR - EUR Jumps On Increased Optimism

JPY - Yen Rises Against the USD

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