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We are also getting the Canadian monthly GDP release at the same time of this release, therefore I’d recommend to either trade the U.S. release or concentrate on the Canadian release, do not try to trade both of them together… Here’s the forecast for U.S. Adv. GDP:
8:30am (NY Time) US ADV GDP q/q Forecast 2.5% Previous 2.7%
ACTION: USD/JPY BUY 2.8% SELL 2.2%
US Prelim GDP is also known as the 2nd Quarterly GDP release. Since GDP is the measurement of the economy, traders pay more attention to this release as any surprise numbers could change the short term trend… Here is the forecast:
8:30am NY Time US Prelim GDP q/q Forecast 3.5% Previous 3.2%
ACTION: USD/JPY BUY 3.8% SELL 3.2%
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 and APF (Asset Purchasing Facility, UK’s quantitative easing program), today will be the first time to actually get a glimpse into what actually took place during this meeting, here is the forecast:
We are also getting the Canadian monthly GDP release at the same time of this release, therefore I’d recommend to stay out of USD/CAD unless you are planning to trade both news together and they happen to have a conflict…
Here’s the forecast for U.S. Adv. GDP:
8:30am (NY Time) US ADV GDP q/q Forecast 3.4% Previous 5.6%
ACTION: USD/JPY USD/CHF BUY 3.7% SELL 3.1%
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 in both rate decision and APF (Asset Purchasing Facility, UK’s quantitative easing program), today will be the first time to actually get a glimpse into what actually took place during this meeting, here is the forecast:
5:30am NY Time UK MPC Meeting Minutes Forecast 0-0-9 Previous 0-0-9
ACTION: GBP/USD N/A
MPC, Monetary Policy Committee, from Bank of England (BOE) will be releasing their meeting minutes on the Rate Decision meeting held two weeks ago along with the actual vote count over the rate decision and the Asset Purchasing Facility program. If you recall, MPC once again left both intereste rate and APF unchanged, and immediate market reaction was to sell off GBP… (although this reaction could also be attributed to Trichet’s Press Conference, but GBP was already weak at this moment.)
8:30am NY Time US Prelim GDP q/q Forecast 5.6% Previous 5.7%
ACTION: USD/JPY BUY 5.9% SELL 5.3%
We’ll be trading the 4th (Q4 2009) quarterly release of U.S. GDP number. The first release, or the Advanced GDP release last month, came out surprising upwards at 5.7% and we’ll probably not see much volatility in the market on this second release as more usually during the 2nd release more data have become available thus less possibilities of surprise. The important fact is to consider the context of the market at the time of the news release, remember market have priced in this release already.
4:30am NY Time UK MPC Meeting Minutes Forecast 0-0-9 Previous 0-0-9
ACTION: GBP/USD N/A
MPC, Monetary Policy Committee, from Bank of England (BOE) is releasing their meeting minutes over the Rate Decision meeting held about two weeks ago along with the actual vote count over the rate decision and the Asset Purchasing Facility program. If you recall, MPC decided leave both interested rate and APF unchanged and they are undecided on whether or not the APF (quantitative easing program) should expire or extended for the time being. But without a concrete answer on the APF program, market took that as a bearish message and sold off GBP.
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