Earlier today, the Bank of England cut its forecast for U.K. wage growth in half, which pushed the British pound to a ten-week low against the greenback. With this downward move the pair reached another support zone. Will it manage to stop currency bears’ charge?

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In today’s alert we will take a different view on the currency sector. We will focus on the index that impacts every pair we regularly cover – the USD Index. The long-, medium- and short-term pictures paint an interesting picture that will impact the individual currency rates for days, weeks, and months. It’s definitely worth keeping these charts in mind when making any forex trade.

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Although the demand for the U.S. dollar waned as concerns over geopolitical tensions in Ukraine and the Middle East began to ease, EUR/USD is still trading below the key level of 1.3400. Will currency bulls manage to successfully push the exchange rate above it in the coming days?

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Yesterday, the Labor Department said in its report that initial claims for jobless benefits in the week ending Aug. 2 fell by 14,000 to 289,000 from the previous week’s total of 303,000, beating analysts’ expectations for a 2,000 increase. Thanks to these bullish numbers, the U.S. dollar hit a fresh nine-month high against the common currency and a three-month high against the Swiss franc. What impact did the data have on other currency pairs? Did it change their short-term outlook?

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The Australian dollar declined to a two-month low against its U.S. counterpart after official data showed that the number of employed people in Australia fell by 300 in the previous month, missing expectations for an increase of 12,000. Additionally, Australia's unemployment rate rose to 6.4% last month, from 6.0% in June. Later in the day, AUD/USD extended losses after the Labor Department said in its report that initial claims for jobless benefits in the week ending Aug. 2 fell by 14,000, beating analysts’ expectations for a 2,000 increase. Because of these numbers, the pair declined to the long-term support line. Will it be strong enough to stop currency bears’ charge?

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