Monday February 6, 2017 - 09:44:47 GMT
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Forex Trading Ideas For Monday 6 February 2017
Trading Ideas for 6 Feb 2017
WEEKLY Forex Economic Calendar:
7 Feb Tue
13:30 US- Trade
8 Feb Wed
00:00 GB- EU Membership Vote
15:30 US- EIA Crude
18:00 US-10-yr Auction
9 Feb Thu
13:30 US- Weekly Jobless
18:00 US-10-yr Auction
3 Feb Fri
09:30 GB- Output/Trade
13:30 CA- Employment
15:00 US- Univ of Mich Survey (prelim)
- Today is a light day in terms of market-moving data with no major European nor North American items due. Expect forex markets to be driven by how equity markets and Fixed Income markets perform.
- Forex were unceratain on how to react to the January employment report on Friday. While Non-Farm Paryolls were stronger than generally expected, Average Hourly earnings fell short of street estimates once again. Weak earnings data continue to challenge suggestions that there is not a lot of labor slack in the economy. Fed Funds futures agree with me and reduced the odds of a Fed rate hike to only 28%. That amounts to a long shot. Markets also reduced the odds for a June hike. They remain at a dead certain 100%.
- Recall that post-Fed policy trading was a circus last Wednesday 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.
- This Wednesday sees another Brexit vote in Parliament. It is expected to pass as well. Popular support currently is much stronger than after the referndum passed. Anti Brexit forces who had the world would end if the referendum overstated their case and now are paying the price.
Developing Risk-On Markets Early February 6, 2017
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