Forex News Trading Strategy For The Week

Forex News Trading Strategy for the 22nd – 26th of August

This week’s economic calendar is very light, and the main event will likely be the comments from Federal Reserve Chair Janet Yellen at the end of the week, as traders search for clues of the timing of the next Fed rate increase.

The first significant event will be during Tuesday’s Asian session when we hear from the Bank of Japan’s Kuroda who is due to speak at the Bank of Japan’s Fintech Forum in Tokyo. What makes this more intriguing is the recent yen strength, and the current price of the USDJPY. The USDJPY has been trading around the key 100.00 level, which has led to speculation of possible BOJ intervention to weaken Japan’s currency.

Also on Tuesday we will see a slew of PMI data from the Euro Zone with Manufacturing and Services PMI prints due out from France, Germany, and the EZ.

Wednesday’s feature event is Crude Oil inventories for an otherwise slow day on the data front. Crude oil prices have continued to rebound on expectations of potential production cuts from OPEC members at next month’s informal meeting during the energy conference in Algeria.

Thursday we will see the latest German Ifo Business Climate survey results during London, followed by US Durable Goods Orders and Weekly Jobless Claims during New York. Durable goods orders have been soft over the past couple of months, but will likely bounce back this month after a significant jump higher in aerospace and auto sector orders. With that said, excluding transportation (core) is expected to see a smaller but still productive 0.5% rise.

Friday brings the second prints for both the UK and US GDP’s. No revision is expected for the UK Second Estimate, while the US Preliminary print is expected to come in right around the 1% level.

Finally, to finish off the week, we will hear from Fed Chair Yellen in what will likely be the most volatile event for an overall light August week. Traders will be listening closely for any clues of upcoming Fed moves and will react accordingly.

Other Forex news trading events taking place this week can be found here: Forex Factory Calendar.

The post Forex News Trading Strategy For The Week appeared first on Jarratt Davis.

Source:: Forex News Trading Strategy For The Week

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