Forex News Trading and Currency Training Analysis Video
Manufacturing PMI is a leading indicator and it’s usually released during early month. Traders pay attention to this release for surprises as this survey may help to shape the general trend of the market. Here is the forecast:
4:30am (NY Time) UK Manufacturing PMI Forecast 57.1 Previous 57.3
ACTION: GBP/USD BUY 59.1 SELL 55.0
Revised GDP q/q, or better known as the 2nd quarterly GDP release, is going to be the focus today. Here is the forecast:
4:30am (NY Time) UK Revised GDP q/q Forecast 1.1% Previous 1.1%
ACTION: GBP/USD BUY 1.4% SELL 0.8%
The Trade Plan
Since this is the second release of the 2nd quarter GDP, we’re not likely to get a huge surprise as most 2nd releases are pretty much inline. However, judging from the expected release of 1.1% and previous release of 1.1% (Prelim GDP on July 26th), we may not get a surprise release after all.
Today’s Retail Sales number from UK will be widely watched as this is a high impact yet tradable report. Here is the forecast for this release:
4:30am (NY Time) Forecast 0.3% Previous 0.7%
ACTION: GBP/USD BUY 0.9% SELL -0.2%
The Trade Plan
Retail Sales by definition is a direct measurement of consumer activities at the retail levels. A higher release is generally good for the economy, and better for it’s currency; a lower release is considered as negative for the economy and not good for it’s currency.
MPC Meeting Minutes is scheduled to be released today and since it is customary for BOE (Bank of England) not to release a statement along with its interest rate decision (2 weeks ago) where there were no changes in either rate decision or APF (Asset Purchasing Facility, UK’s quantitative easing program), today will be the first time for a glimpse into what took place during this meeting, here is the forecast:
We’ll be trading the UK Consumer Price Index (CPI) release at 4:30am NY Time today. We’ll be looking at the yearly release figure and the market could react with lots of volatitility as CPI is the basic measurement of Inflation, therefore expect to see more exaggerated moves if we get a huge surprise release. Here is the forecast:
4:30am NY Time UK CPI y/y Forecast 3.1% Previous 3.2%
ACTION: GBP/USD BUY 3.4% SELL 2.8%
BOE (Bank of England) will be rendering its interest rate decision today, and it should provide strong volatility in the market if BOE’s final decision is a surprise, here’s the forecast:
7:00am (NY Time) UK Offcial Bank Rate Forecast 0.50% Previous 0.50%
ACTION: GBP/USD BUY 0.75%
The Trade Plan
In the unlikely event BOE hikes rate to 0.75%, we’ll buy GBP/USD immediately on a spike trade. Because of the level of this surprise, I think we’ll see a strong trend change for GBP in the next few weeks, so we should BUY and keep a small portion for larger gains…
We’ll be trading the UK Services Purchasing Manager Index today at 4:30am (NY Time). This is a leading indicator similar to the Manufacturing PMI that was released earlier this week, here’s the forecast:
4:30am (NY Time) UK Services PMI Forecast 54.5 Previous 54.4
ACTION: GBP/USD BUY 57.0 SELL 52.0
10:00am (NY Time) US ISM Manufacturing PMI Forecast 53.1 Previous 52.6 ACTION: USD/JPY BUY 55.5 SELL 50.0 With US ISM Manufacturing release today, we'll be looking for a … [Read More...]
[flv:http://www.newsprofiteer.com/101209-nzdretail/101209-nzdretail.mp4 480 360] 5:45pm (NY Time) NZ Retail Sales Forecast 0.6% Previous -0.5% ACTION: NZD/USD BUY 1.2% … [Read More...]
We'll be looking at the MPC Meeting Minutes today and since it is customary for BOE (Bank of England) not to release a statement along with its interest rate decision (2 weeks ago) if there was no change … [Read More...]
4:30am (NY Time) UK Services PMI Forecast 56.6 Previous 56.8 ACTION: GBP/USD BUY 58.6 SELL 54.6 We will be focusing on … [Read More...]
7:00am (NY Time) CA Employment Change Forecast 5.0K Previous 27.1K ACTION: USD/CAD SELL +30K BUY -20K We will focus on the Canadian Employment Changes today, which is … [Read More...]
ISM or Institute for Supply Management is releasing its PMI (Purchasing Manager Index) and it is similar to the UK Manufacturing PMI as this release is targeting the Manufacturing sector. As a leading … [Read More...]
ISM or Institute for Supply Management is releasing its PMI (Purchasing Manager Index) and it is similar to the UK Services PMI as this release is targeting the services sectors. As a leading indicator, … [Read More...]
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