THIS WEEK'S INDICATORS
Markets were somewhat mixed last week despite an array of good data and bad data from global markets as Fed speakers deemphasise the need to rise rates faster than anticipated. The US and the European markets were steady while the British Pound lost over 200 pips amid poor indicators. Oil and Gold were also mixed.
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EURUSD WEEKLY CHART
MONDAY
European PMI reports in focus just days ahead of scheduled ECB monetary policy meeting. A good start on the volatility side of things for today, Monday, as an array of PMI reports coming from the Eurozone is likely to increase trading activity. With US Existing Home Sales at 2pm GMT and Bank of Canada governor Stephen Poloz’s testimony before the House of Commons Standing Committee on Finance, it is going to be an interesting start to the week.
TUESDAY
CB Consumer in the spotlight, despite a worse figure is expected as US data surprised last week. At 01:30 AM GMT on Tuesday markets are expecting the Australian inflation figures, offering opportunities early in the session after a disappointing jobs' report last week, while in the European session, the German Ifo and UK’s Public-Sector Net Borrowing will most likely have investors looking for opportunities. The highlight of the day is going to be the Conference Board Consumer Confidence report at 2 PM GMT.
WEDNESDAY
A moderate session mid-week as no major indicators are due, focus on Oil. Attention will shift to the correlated Loonie and Oil on Wednesday as no major economic indicators are due from either Europe or US. At 2:30 pm GMT EIA will release its weekly stocks report following a huge draw last week and a multiyear high in the commodity’s price. Later in the session, Bank of Canada governor Stephen Poloz’s testimony before the Standing Senate Committee on Banking, Trade and Commerce, is more likely to provide some trading opportunities.
THURSDAY
ECB to deliver interest rate decision, policy likely to remain unchanged. Investors and economists are not expecting a change in the interest rates in Europe but ECB President Mario Draghi will certainly move the Euro one direction or the other. Despite a rate change is a huge market mover, the widely expected “hold” will turn market participants attention on the Press Conference at 12:30 pm GMT. The Core Durable Goods Orders delivered concurrently may have a positive or negative impact.
FRIDAY
Friday will set the weekly tone as BoJ, US and EU GDP will dominate markets. The closing of the week will find investors with many opportunities all around the trading session starting early morning GMT with the Bank of Japan Interest Rate decision and Press Conference. In the European session Inflation and Growth figures will be released at 07:00 AM* while at 08:30 AM*, UK will post its own GDP numbers. In between SNB Chairman Jordan is due to speak about monetary policy and banking regulation. During the US session, the Bureau of Economic Analysis will also release its own first GDP figures, taking place at 12:30 PM*. The session’s last meaningful event will be Carney’s speech at the launch of the BOE's economic education program.
*GMT Time
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Stavros Tousios is an experienced forex market specialist who provides insightful market analysis to traders of popular currency pairs, stocks, commodities and indices. With a focus on technical analysis, he closely analyses present and historical market data in order to provide our clients with any relevant information which may help in making their strategic trading decisions. https://twitter.com/StavrosTousios
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