The British pound was crushed by a larger than forecast increase in unemployment in February. The unemployment rate jumped from 3.9% to 4.3%, higher than the forecast 4.0% rate, as the number of jobless increased 138.4K vs. expectations of only 84.8K. GBP/USD fell against the EUR, as EUR/GBP rose from around 0.9275 before the report to just over 0.9400 before retreating into the NY open. Against the greenback, GBP/USD fell from 1.4020 to a low around 1.3850 before bouncing back above 1.3900.

Overall, the USD was weaker against many other currencies as risk appetites continue to improve on stabilization in global stock markets. US data is relatively light in the NY morning with only Feb. CPI and weekly oil inventory reports scheduled. But the FOMC is slated to pronounce on the state of the US economy and the outlook at 2:15pm EDT, so the day promises to offer some further volatility.

Upcoming data releases

  • 3/18/2009 11:00 US MBA Mortgage Applications 13-Mar 11.30% - -

  • 3/18/2009 12:30 CA Wholesale Sales MoM JAN -3.40% - -

  • 3/18/2009 12:30 US Consumer Price Index (MoM) FEB 0.30% 0.30%

  • 3/18/2009 12:30 US CPI Ex Food & Energy (MoM) FEB 0.20% 0.10%

  • 3/18/2009 12:30 US Consumer Price Index (YoY) FEB 0.00% 0.00%

  • 3/18/2009 12:30 US CPI Ex Food & Energy (YoY) FEB 1.70% 1.70%

  • 3/18/2009 12:30 US CPI Core Index SA FEB 217.265 - -

  • 3/18/2009 12:30 US Consumer Price Index NSA FEB 211.143 212.039

  • 3/18/2009 12:30 US Current Account Balance 4Q - - -$137.1B

  • 3/18/2009 13:00 US Fed's Open Market Committee Meets on Interest Rates, Economy 18-Mar

  • 3/18/2009 14:30 US DOE U.S. Crude Oil Inventories 13-Mar 749K - -

  • 3/18/2009 14:30 US DOE U.S. Distillate Inventory 13-Mar 2108K - -

  • 3/18/2009 14:30 US DOE U.S. Heat Oil Inventories 13-Mar - - - -

  • 3/18/2009 14:30 US DOE U.S. Refinery Utilization 13-Mar -0.43% - -

  • 3/18/2009 14:30 US DOE Cushing OK Crude Inventory 13-Mar -401K - -

  • 3/18/2009 14:30 US DOE Crude Oil Implied Demand 13-Mar 14415 - -

  • 3/18/2009 14:30 US DOE Gasoline Implied Demand 13-Mar 9116 - -

  • 3/18/2009 14:30 US DOE Distillate Implied Demand 13-Mar 4244 - -

  • 3/18/2009 18:15 US FOMC Rate Decision 18-Mar 0.25% 0.25%