Friday February 3, 2017 - 09:24:19 GMT
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Forex Trading Ideas For Friday 3 February 2017
Trading Ideas for 3 Feb 2017
WEEKLY Forex Economic Calendar:
3 Feb Fri
All Day Service PMIs
04:30 AU- Reserve Bank of Australia
13:30 US- Employment
- Revisions to flash European Services PMIs have been higher. There is little doubt that the European economy continues to improve. Key U.S. data are due later.
- A full economic calendar is slated again for Friday. The major highlights are: Service PMIs and January U.S. employment data. Initial expectations for a monthly gain of 175K in non-farm payrolls for the month have been boosted to 200K+ following a stronger than expected ADP private Jobs survey. A strong report could increase the odds of an early Fed rate hike.
- Post Fed policy trading was a circus Wednesday with trade exceptionally active and volatile after the central bank kept rates steady as widely forecast. The decision disappointed many traders who had been HOPING for a more hawkish policy statement. The central bank was simply being cautious with two sets of employment data before the next policy decision in March.
- The GBP remained on the back foot despite a key Parliamentary victory by U.K. PM May last 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.
Mixed Markets Early on February 3, 2017
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