Tuesday January 31, 2017 - 20:44:05 GMT
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Forex Trading Ideas For Wednesday February 2017
Pre-Opening Trading Ideas for 31 Jan 2017
WEEKLY Forex Economic Calendar:
1 Feb Wed
00:00 CN- Lunar Year Holiday
All Day Manufacturing PMIs
13:15 US- ADP Jobs
15:30 US- EIA Crude
19:00 US- Federal Reserve
2 Feb Thu
00:00 CN- Lunar Year Holiday
13:30 US- Weekly Jobless
13:30 US- Productivity
12:00 GB- Bank of England
3 Feb Fri
All Day Service PMIs
04:30 AU- Reserve Bank of Australia
13:30 US- Employment
- On Tuesday,The BOJ kept policy steady as expected. Not much is expected from the Fed on Wednesday. Fed monetary policy has been slipping into the background following the installation of the Trump Administration which is looking to stimulate the economy via a fiscal stimulus. Markets see almost no chance of a rate hike tomorrow, but nearly 100% odds on a June rate hike.
- Forex traders got an unexpected surprise early Tuesday when Trump Administration trade advisor Navarro was quoted in the Financial Times saying that Germany has been benefiting from a gross undervaluation of the EUR. Shortly thereafter, German Chancellor Merkel said that she did not want to influence Euro exchange rate and that she has always called upon ECB to have independent policy. The news saw the EURUSD trade from just above the 1.0700 line to above 1.0800. The new news was that it appears that the Trump administration will be pursuing a weak dollar policy if The Navarro comments are not "clarified".
- For those of us who were around during the last bout of significant USD weakness, it it hard to comprehend how the government would even consider talking down its currency. Once that downward momentum starts, it can be very hard to stop a slide. It is very difficult to understand how there is not someone in the Trump inner circle who does not know this recent history.
- Early Tuesday saw EZ flash HICP for January surging higher on the back of higher oil prices. Advance 4Q16 GDP grew smartly as well. Some are wondering when the ECB will sit up, take notice, and start to pare back on its overly aggressive monetary policy ease.
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