Pairs consolidate after a weak dollar

Currently throughout the US session the major pairs along with the dollar and the yen are consolidating so far mainly on pure technical and correctional after that the dollar lost strength in front of the euro after a report showed the number of Americans filing for first-time unemployment benefits unexpectedly rose to a two-month high before the Federal Reserve meets next week.

In fact today a report showed that the filings for unemployment insurance benefits increase more than estimated last week to a two-month high, halting a steady decrease to the lowest level since before the financial crisis.

Initial jobless claims rose 11,000 to 315,000 in the week-ended September 6, which included the Labor Day holiday and was the highest number since June 28 according to data by the Labor Department.

Now the euro is presently narrow trading on the four and one-hour charts as a result of the current technical movements sending in fact the EUR/USD pair to trade up around $1.2920 while recording the highest level of $1.2952 and lowest level of $1.2897, knowing that the pair may incline but slightly as mixed signs are seen throughout the four-hour and one-hour momentum indicators.

As for the British Pound, it is slightly plummeting driving the GBP/USD pair to trade around $1.6240 while recording the highest level of $1.6271 and lowest of $1.6186 and is most probably going to remain at consolidated levels as mixed signs; buying and selling, are also witnessed at several time scale within the stochastic oscialltor.

Finally, as a result of mixed signs and a weak dollar witnessed throughout the momentum indicators at different time charts the USD/JPY pair is falling slightly to trade around ¥107.06 while recording the highest level of ¥107.20 and lowest levels of ¥106.64