Wednesday March 8, 2017 - 09:50:14 GMT
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Forex Trading Ideas For Wednesday 8 March 2017
Trading Ideas for 8 Mar 2017
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WEEKLY Forex Economic Calendar:
8 Mar Wed
07:15 CH- Trade
13:15 US- ADP
13:00 US- Crude
9 Mar Thu
12:45 EZ- ECB
13:30 US- Weekly Jobs
10 Mar Fri
09:30 GB- Output/Trade
13:30 CA/US- Employment
- The initial focus for GDP traders today is the U.K. budget at 12:30 GMT. In the U.S., the ADP private Jobs survey for February is due at 13:15 GMT. The monthly increase in jobs is seen at +180K vs. +246K in January. The January data were considerably stronger than forecast.
- On Thursday, the ECB makes its latest policy decision and on Friday, key U.S. employment data are due.
- Forex Markets have now priced in several Fed rate hikes rates this year and this outlook has adversely impacted U.S. equities and given the USD a lift. Odds in favor of a rate hike at the March 15 FOMC are a near-certain 98%. Something shy of three rate hikes are now priced in for between now and year end. Experience suggests that it is best to deal with one rate hike at a time.
- As for the Thursday ECB policy decision, many feel the over-accomodative monetary policy of the central bank is well past its expiration date. Traders are hoping to hear something suggesing that it will start soon to "taper" its asset purchases. This meeting is probably too early for a definitive announcement by the ECB Council members.
- Friday sees February U.S. and Canadian Employment data. It is highly improbable, but an unexpectedly weak U.S. report could theoretically derail the March Fed rate hike, but I will not be betting on this.
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