Monday February 6, 2017 - 21:01:30 GMT
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Forex Trading Ideas For Tuesday 7 February 2017
Pre-Opening 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)
- Monday was a light day in terms of market-moving data with no major European nor North American items released. As a result trading volume appeared to be subdued and confined to relatively narrow ranges in North American hours. Forex markets were not strongly influenced by how equity markets and Fixed Income markets performed.
- Forex markets remained about how to react to the January employment report released on 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.
Lacklustre Trade On February 6, 2017
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