In the US, Unemployment Claims, monthly indicator to value the unemployment insurance that was filed on the last week, is predicted to drop down from 377K to 373K this week.

Here’s an update on technicals, fundamentals and what’s going on in the markets.

In the US, The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI); Monthly Managers Survey to value the business conditions such as new orders, deliveries and inventories, rise is expected from 53.9 points on December up to 54.6 points now. And on the ISM Manufacturing Prices similar rise is forecasted from 47.5 points to 49.5 points.

Ben Bernanke weakened the dollar with an extended pledge for low rates: until late 2014. and a hint about the possibility of a third round of QE. While the US economy grew at a higher pace than in previous quarters, the pace is still moderate and seems insufficient for convincing the Federal Reserve to stop easing. PMIs and job figures are also an important part of the composition of the decision, and we’ll get fresh data now. Let’s start:

The Fed has already made a commitment to keeping rates steady until the middle of next year.  The expectation is that the forecasts could enhance this even further, by signalling steady rates until at least the early part of 2014.

Early expectations stood on a rise to 53.3 points from 52.7 points initially reported for November. The New Orders component ticked up to 57.6 points, production rose to 59.9 and inventories are now contracting at a faster pace: the score is 47.1.

Here are all the details and 5 possible outcome for USD/JPY.

In the US, Federal Open Market Committee (FOMC) Meeting Minutes, Planned 8 times per year, full record of the latest FOMC’s meeting and shows the influential financial conditions on the interest rates.

Last week the EUR/USD plunged to its lowest level since September 2010, following Italy’s failure of raise sufficient funds from its recent bond auction. Italy is likely to become the first EU country to enter recession, increasing concerns in the European continent. Unlike the grim situation in the EU, the US market is doing rather well with satisfactory employment data, elevated consumer sentiment and improved housing figures. Is there hope for a general recovery in 2012?

In the US, Unemployment Claims measuring the number of Americans filing initial claims for unemployment increased by 2,000 last week to 393,000 while expected to drop to 389,000 indicating a relative stability in the Job market. A drop to 390,000 is expected.