Wednesday February 1, 2017 - 20:53:06 GMT
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Forex Trading Ideas For Thursday 2 February 2017
Pre-Market Trading Ideas for 2 Feb 2017
WEEKLY Forex Economic Calendar:
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
- A full economic calendars are slated again for Thursday and Friday. The major highights are the Bank of England meeting Thursday, Service PMIs and The Reserve Bank of Australia decision on Friday. Friday also features January U.S. employment data.
- Fed monetary policy was a source of a lot of volatility Wednesday. The central bank kept rates steady as expected, but disappointed many traders hoping for a more hawkish policy statement. I think the central bank was simply being cautious with two sets of employment data before the next decision is due.
- U.K. PM May had a key Parliamentary victory Wednesday evening in Commons when a vote of 498-114 moved legislation along that would give her the power to set the data of when to invoke EU Article 50 to start the exit process of the U.K. from Europe. The GBP dvanced on the news.
- Forex traders are still digesting comments made 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. The new news was that it appears that the Trump administration is pursuing a weaker dollar policy vs. Europe, assuming 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.
Volatile Trade Post-Fed. Late February 1, 2017
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