Tuesday February 7, 2017 - 20:54:38 GMT
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Forex Trading Ideas For Wednesday 8 February 2017
Pre- Open Trading Ideas for 8 Feb 2017
WEEKLY Forex Economic Calendar:
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)
- No Major data nor events are slated for Wednesday. Expect forex trading to focus once again on the Equity ond fixed income markets once again for direction.
- The USD opened higher Tuesday as dealers apparently turned their focus towards upcoming elections in Europe. There was also chatter about hawkish comments from Philly Fed President Harker about the risk of a possible Fed policy tightening in March. Nevertheless, neither Fixed Income nor Fed Funds futures are taking his comments seriously.
- As for Fed policy, forex markets remain focused on the weak January employment report. Average Hourly earnings fell far short of street estimates. Weak earnings data challenge suggestions that there is not a lot of labor slack in the economy.
- Fed Funds futures have reduced the odds of a March Fed rate hike to only 26% (22%). Markets now place the odds for a single rate hike by June at 88% (88%).
- Wednesday sees another Parliamentary Brexit vote. It is expected to pass. Popular support currently is much stronger than after the referendum passed. Anti Brexit forces who had the world would end if the referendum overstated their case and now are paying the price.
Risk-On late on February 7, 2017
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