Thursday December 15, 2016 - 20:51:45 GMT
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Forex Pre-Market Trading Ideas For Friday 15 December 2016
Pre-Market Forex Trading Ideas for Fri 16 Dec 2016
- The USD continued to advance against the majors Thursday as the prospect of widening interest rate differentials supported the unit. The economic calendar is a lot lighter Friday following a pre-holiday period data dump on Wednesday and Thursday. From Europe, only final November HICP data are due. Revisions to the flash estimates usualy are insignificant. The U.S. only issues Housing Starts and Permits early in the day. While closely followed, they usually do not have a major impact on trading.
- Key for traders Thursday, the SNB kept monetary policy steady. The central bank pledged to remain active in Swiss Franc intervention. Some say their intervention can have a major impact (indirect) on EURUSD..
- U.S. markets should have been set up for the Fed policy decision. but apparently they were not. As expected, the FOMC raised the mid-point of its 0.25%-0.50% target range (0.375%) for Fed Funds by 25bps to 0.50% to 0.75% (0.625%). The Fed "Dot-Plot" forecasts for interest rates were raised in response to recent economic developments. Chair Yellen was less dovish, but remained cautious.
- Fed "dot-plot" forecasts by individual policy board members increased to three from two the number of expected Fed fund rate hikes next year. Since their inception, the "dot plot" forecasts have been notoriously overly-optimistic.
WEEKLY HIGH IMPACT NEWS:
10:00 EZ- final HICP
13:30 Housing Starts/Permits
14:45 US- flash Markit Service PMI
03:00 JP- BOJ Meeting
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
13:30 US- Weekly Jobless
13:30 US- Durable Goods
13:30 US- GDP
13:30 US- PCE Deflator
15:00 US- New Homes Sales
15:00 US- University of Michigan Survey
John M. Bland, MBA
CURRENT CONDITIONS: Risk-On
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