Forex News Trading and Currency Training Analysis Video
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 indicator, traders generally pay attention to this report for hints of economic trend. Here’s the forecast:
10:00am NY Time US ISM Manufacturing PMI Forecast 53.2 Previous 55.5
ACTION: USD/JPY BUY 56.0 SELL 50.5 USDJPY
Australia GDP is a quarterly release similar to the U.S. Advanced GDP or the UK Pre-lim release, but usually there is only one release per quarter. Since this is a quarterly release, it is a high impact release that may change the short term trend of AUD. Here is the forecast:
9:30pm (NY Time) AU GDP q/q Forecast 0.9% Previous 0.5%
ACTION: AUD/USD BUY 1.2% SELL 0.6%
U.S. New Home Sales usually follows the trend of Existing Home Sales, therefore we are likely to see a worse than expected figure. Here is the forecast:
10:00am NY Time New Home Sales Forecast 333K Previous 330K
ACTION: USD/JPY BUY 400K SELL 260K
The Trade Plan
We’ll trade this release using a deviation of 70K; if the release is lower, it would strengthened risk aversion sentiment and we should look to SELL USD/JPY; if the number is higher, it could provide a temporary support for the pair and we may see a slight rally in USD/JPY.
US Existing Home Sales is expected to decline from previous month as current market situation is adding more pressure to the housing sector. Here’s forecast:
Existing Home Sales Forecast 4.70M Previous 5.37M
ACTION: USD/JPY BUY 5.10M SELL 4.30M
The Trade Plan
Because the Housing sector is one of the most important news events out of the US, this release will certainly cause some volatility in the market, especially if our tradable figures (+/- 400K) were hit. With the focus of the nation, and of the world, on the status of U.S. housing sector, this release may bring about a strong sentiment of risk appetite/aversion if our BUY/SELL trigger is hit…
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%
We’ll be getting the Core Retail Sales (and Retail Sales) figure out of U.S. today, as high impact news releases are concerned, Retail Sales makes up about 2/3 of U.S. GDP (economy)… Here’s the forecast:
8:30am (NY Time) US Core Retail Sales Forecast 0.3% Previous -0.1%
ACTION: USD/JPY BUY 0.9% SELL -0.3%
We’ll be trading US Core CPI m/m release today. CPI or Consumer Price Index, also known as the “true cost of living”, is what drives Central Banks to raise/cut interest rate, therefore this release will be widely watched. At the same time, we also have the US Core Retail Sales, which is another strong high impact release that could change the short term market trend; therefore please also read my analysis on that release… Here’s the forecast for the CPI:
8:15am NY Time US ADP NFP Change Forecast -149K Previous -203K ACTION: USD/JPY BUY -80K SELL -230K Our focus today will be on the ADP Employment Release. … [Read More...]
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 … [Read More...]
8:30am (NY Time) EU Trichet Press Conference ACTION: EUR/USD BUY (Hawkish) SELL (Dovish) Trichet will deliver a statement along with a pretty-lengthy Q&A session after. This press … [Read More...]
4:30am (NY Time) UK CPI y/y Forecast 1.8% Previous 1.5% ACTION: GBP/USD BUY 2.1% SELL 1.5% Today we’ll focus on the CPI release once again out of UK and … [Read More...]
This is what I wrote in my Weekly Outlook this week... I usually don't post much from my Weekly Outlook to my blog, this is to protect my paying subscribers, but with the NFP on Friday and current market … [Read More...]
UK quarterly GDP release is always an high impact report. With this being the Prelim release, or the first release of three, we are likely to see more market participation. Here is the forecast number: 4:30am … [Read More...]
10:00am NY Time US ISM Non-Manufacturing PMI Forecast 54.2 Previous 53.0 ACTION: BUY 57.0 SELL 51.00 USD/JPY We’ll looking for a possible trade from the release … [Read More...]
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