Tuesday January 24, 2017 - 11:02:28 GMT
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Forex Trading Ideas For Tuesday 24 January 2017
Trading Ideas for 24 Jan 2017
WEEKLY Forex Economic Calendar:
24 Jan Tue
09:30 GB- Brexit Court Ruling
15:00 US- Existing Homes Sales
25 Jan Wed
00:30 AU- CPI
09:00 DE- IFO Survey
15:30 US- Crude
26 Jan Thu
09:30 GB- GDP
13:30 US- Weekly Jobless
14:45 US- flash Service PMI
15:00 US- New Homes Sales
23:30 JP- CPI
13:30 US- Durable Goods
13:30 US- GDP
15:00 US- University of Michigan
- Markets are digesting the U.K. Supreme Court ruling today, which upheld a lower court saying that Parlimentary approval is needed for the Prime Minister to invoke Article 50, which puts the U.K. exit from the EU into motion. The Court also ruled that the approval of the devolved Parliaments in Scotland, Wales and Northern Ireland was not required. So Parliament will have to pass a law invoking EU article 50. There is no worry that this should impact PM May's end of March deadline for Brexit.
- If approval of the devolved parliaments had been required, this could have become a messy proceess with Scotland opposing Brexit.
- Late Monday U.S. Treasury Secretary-designate Mnuchin muddied the waters when he said that an excessively strong US dollar may be negative in the short term. This report sent the USD lower. Details of the Trump dollar policy are awaited. Use the EURUSD 1.0700 line as a key benchmark of USD strength or weakness.
- The U.S. economic calendar today includes: flash Markit PMI, Existing Homes Sales and the Richmond Fed Survey.
CURRENT CONDITIONS: Mixed Risk Profile
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