Trade Talk: What's Moving Markets continuous on Forex Forum
Key Items JP- Ind Output, BOJ, GB- CPI, DE- ZEW, Ind Prod, US- Retail Sales, API.
There was not much of a market response to the Greek austerity budget approved by the Parliament late Sunday evening in Athens. The budget is a pre-requisite for Troika aid (EU Commission, IMF and ECB). Greece still needs economic growth to generate revenue to finance its budget.
The next major event is a vote Wednesday by EU FinMins to approve financing for Greece.
Tuesday sees the economic calendar pick up after a slow Monday.
End of fiscal year Japanese life insurance investment adjustment activity coming into focus? Covert intervention by the BOJ has been confirmed, and more was threatened on Friday.
Check the Forex Forum over the day for an updated and ongoing discussion of current trading themes in the MARKET CHATTER continuous discussion thread.
See ECONOMIC CALENDAR for a complete list of future forex market events and consensus data estimates. Go to the forex forum for up-to-date market developments and technical trading ideas.
John M. Bland is an author and co-founder and partner of Global-View.com. Prior to Global-View.com, he was a forex trader and a private-label forex analyst for a top Fed watching service in NYC. He has been a corporate forex advisor and also worked in international liability management for a major N.Y. money center bank. John holds an MBA from the University of California at Berkeley and a B.A. in International Economics from that school.
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Amazing Trader EVENT RISK Calendar: Fri 28 Apr
12:30 US- GDP
14:00 US- final U of M Survey
Mon 1 May
00:00 EZ, CH, GB- Holiday
All Day Global PMIs
12:30 US- PCE Deflator Tue 2 May
All Day Global PMIs Wed 3 May
All Day Global PMIs
07:55 DE- Employment
09:00 EZ- GDP
12:15 US- ADP Jobs
14:30 US- EIA Crude
18:00 US- FOMC Decision Thu 4 May
All Day Global PMIs Fri 5 May
12:30 US, CA- Employment
Items likely to drive FX rates:
EVENT RISK: Friday @ 12:30 GMT US GDP Preliminary 1Q17 data seen at 1.20% vs. +2.10%. Important data.
EURUSD has surged on a flash EZ HICP data beat. Recall Draghi focus on inflation yesterday.
U.K. GDP U.K. Preliminary 1Q17 GDP data were a bit weaker than forecast
Markets had reacted strongly to the ECB policy decision Thursday. As expected, policy was held steady. Many were unhappy that there were no signals about a future policy "normalization" (tightening).
John M. Bland, MBA co-founding Partner, Global-View.com
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