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8:30am (NY Time) USA Trade Balance BUY USD/JPY -14.4B SELL USD/JPY -35.4B
8:30am (NY TIme) CAD Trade Balance SELL EUR/CAD 0.1B BUY EUR/CAD -1.3B
Again we have both trade balances coming out at the same time. The object will be to trade one currency pair only, so its either EUR/CAD or USD/JPY. Do not trade both or you might get confused and lose money.
8:30am (NY Time) US Durable Goods Orders Forecast 0.1% Previous 1.1%
ACTION: USD/JPY BUY 1.9% SELL -1.7%
Durable Goods calculates purchase orders of goods that have a life-expectancy of 3 years or more, instead of goods that are being used up all at once. Examples of durable goods are cars, appliances, business equipments, etc… Core Durable goods is a derivative of Durable goods that excludes Transportation element, which is a better indication of the nation’s economic status, since transportation elements fluctuate from months to months. Forex traders watch this report closely because a strong number shows a healthy outcome for the economy.
| 10:00am (NY Time) | USD Fed. Bernanke Testifies | |
| ACTION: | BUY: Hawkish | SELL: Dovish USD/JPY |
Fed. Chairman Bernanke is scheduled to testify in front of House Financial Services Committe in Washington DC on the semi-annual policy report. If Bernanke is hawkish in his tones over future economy outlook, then we should see risk appetite sentiment where USD should gain substantially against JPY; however, if the chairman’s tone were rather dovish, or expresses his concerns over the prolonged recession and contraction of the economy, then we will likely see risk aversion sentiment driving the market, where JPY should gain against USD.
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