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Forex News Trading Strategy For The Week
Forex News Trading Strategy for the 15th – 19th of August
We are midway through the thinnest traded month of the summer. The week starts off slow with no tier one data scheduled for Monday, outside of the Japanese GDP which fell flat very early in the session.
A busy Tuesday starts off with an in depth look at the RBA’s August 2 meeting with the release of the Monetary Policy Meeting Minutes. We would not expect a significant market response unless there are unexpected surprises contained in the report.
During the London session we will see the CPI figures from the UK, as well as the latest economic sentiment for both Germany and the EZ as reported by ZEW.
During NY, US Inflation is on tap with the latest CPI figures where a miss could continue to pressure the USD and decrease already diminishing expectations of a December rate hike from the Fed.
Finishing off a packed Tuesday calendar will be the latest dairy prices from GDT, and New Zealand employment figures.
Wednesday starts off with the latest UK jobs data which can start to give us clues in the post Brexit world. Many economists are expecting the UK unemployment to begin to tick higher in the near future.
Next up is the crude oil inventories which saw a build of 1.1 million in last week’s report. Oil prices have rallied on renewed optimism of a production cut since the announcement from OPEC that there will be a meeting on the sidelines of next month’s energy conference in Algeria. Further optimism came when Saudi Arabia’s energy minister said that the nation “could participate in coordinated action to help balance the crude-oil market”.
Wednesday finished with the FOMC Meeting Minutes where investors will be searching for any clues of upcoming actions by the Fed.
Thursday we will see the latest Australian employment numbers during Asia. Expectations are for an increase of 10.2K jobs, and a steady unemployment rate at 5.8%.
Friday is relatively quiet, other than the Canadian inflation data during the NY session. Overall and core inflation for the month is expected flat, while the y/y print for overall inflation is expected to fall from 1.5% to 1.3%. The BoC Core y/y print is expected to hold steady at 2.1%.
Other Forex news trading events taking place this week can be found here: Forex Factory Calendar.
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