Tuesday February 7, 2017 - 10:02:15 GMT
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Forex Trading Ideas For Tuesday 7 February 2017
Trading Ideas for 7 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)
- Thje USD is off to a robust start on Tuesday as dealers have suddenly been turning their focus towards upcoming elections in Europe. There has been some chatter about hawkish comments from Fed Governor Harker surrounding the risk of a possible Fed policy tightening in March. Nevertheless, neither Fixed Income nor Fed Funds futures are taking his comments seriously.
- Forex markets remain focused on the weak January employment report released last Friday. Non-Farm Paryolls were stronger than expected, but Average Hourly earnings fell short of street estimates. Weak earnings data continue to challenge suggestions that there is not a lot of labor slack in the economy.
- Fed Funds futures and have reduced the odds of a Fed rate hike to only 22% (28%). Markets have now placed the odds for a June hike lower at 88% from 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.
Mixed Markets Early On February 7, 2017
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