Awaiting European data – Forex Trading Tips

There is no trade call today as there has not been any new information that warrants a high probability trade. We are currently awaiting European Data to set up a short in EURUSD.

Current Market Sentiment:

Yesterday saw the US Federal Reserve Bank release their FOMC statement for the July interest rate meeting where they reaffirmed their view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. The statement lacked any hints of a September rate hike and stated “The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.” The greenback initially weakened as this there was no hawkish inkling for a September liftoff however the weakness did not last as the bullish fundamentals remain unchanged and the market’s expectation for a December hike remains in place. The dollar subsequently edged higher.

During the Asian session Australian Building Approvals missed estimates by a wide margin, printing the lowest since November 2014. We also saw talk from RBA Governor Stevens, however he did not reflect on monetary policy. The Aussie is relatively unchanged on the day.

Looking ahead we have various European national inflation, growth and jobs numbers which may affect sentiment on the euro. In the NY session we see Advanced GDP from the US which could be a market mover. Take a look at my weekly Forex news event’s overview here in order to recap those particular events.

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