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Here’s the list for the tradable releases for the week:
This week’s focus is going to be Trichet’s Press Conference on Thursday, as EU is currently once again under scrutiny over sovereign debt concerns. Although ECB is not expected to announce any changes to its monetary policy, Trichet will at least have a chance to either calm or surprise the market with new measures. We’ll probably find out more as we approach Thursday as Trichet is likely to comment early on any potential surprises…
The key focus for last week was on Bernanke’s Jackson Hole Speech. But since Bernanke didn’t launch any new policies, market took his comments that “FOMC would consider additional measures at its September Meeting” by extending the meeting to 2 days as a subtle “you know” message that the Fed is working on more easing, pending on more economic data, such as the NFP.
We had a moderate trading week of 6 high impact news releases, but the market was far from being “Moderate”. We saw the EURUSD breaking above the 1.4500 then drop below the 1.4250, then back above the 1.4450 level. Market was pretty much driven initially by the weaker sentiment of the USD (as result of recent FOMC Statement), then by the rather disappointing results of Merkel and Sarkozy meeting, and then by the shock of the Philly Fed’s Manufacturing Index figure of -30.7 v 4.0E. Towards the NY session on Friday, market turned around and resumed USD weakness, with USDJPY hitting fresh all-time lows below 76.00 briefly, marking another milestone in the weaker USD sentiment… and not to mention that Spot Gold went above 1860 per ounce.
We’ve got 6 tradable news releases scheduled for the week and 3 of them are from UK. Therefore, we should have plenty of opportunities to trade GBP this week… It is also advised to stay away from any long or medium term trading involving the Sterling this week because of the possibility of reversal due to these high impact news releases… With CPI, Retail Sales, and the MPC Minutes on the docket, market could push GBP to a new level beyond its recent ranges.
Last week was a crazy week with 13 scheduled news releases on top of the debt ceiling vote out of Washington. At the end of the week, we’ve got a mixed market with a slightly better NFP report versus the surprise downgrade of US’ credit rating. With the current market falling into safety flows, we may see some more demand in the U.S. Dollar, along with CHF and JPY, despite of the downgrade… Of course, the next focus could be on Spain and Italy, therefore we should use extreme caution as we move forward this week.
This week is going to be an extremely busy week as we have 13 news releases to trade. I’ve to warn you upfront that in a news driven week such as this one, market tends to be indecisive and we could see wild swings as different surprises dominate market sentiment… This is going to be one of those weeks that we follow the trade plan strictly and use tight TP & SL…
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