logo
  • New York:
  • London:
  • Delhi:
  • Tokyo:
  • Sydney:
  •  

Daily Financial Market News

Mon, 20 Nov 2017 12:15:00 GMT

FX Markets Look to Pockets of Event Risk During US Holiday Week

FX Markets Look to Pockets of Event Risk During US Holiday Week Search DailyFX Home Rates Charts News Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Ethereum Price Rally Stalls Ahead of Key Resistance Targets U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful DXY Index Firms Up, but Still Stuck in Range Technical Analysis Analysis Technical Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Technical Analysis Headlines DAX Technical Analysis: Trading in Tight Window of Support & Resistance EUR/GBP Technical Analysis: Move Back Below 0.88 Hinted Ahead ASX 200 Technical Analysis: Retreat Finds Support But It Must Hold Calendars Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Forex Economic Calendar Time Event Actual Forecast Rates Charts Education Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS × Get the best parts of DailyFX.com in the new DailyFX App Download × Join Us For Our Free Webinars Get daily market analysis from our in-house experts Choose from more than 25 webinars each week Put your questions to our experts in real-time Q&As Register now Want to hold off on improving your trading? Click here to dismiss. × Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: The basics of forex trading and how to develop your startegy Foundational knowledge to help you develop an edge in the market What's ahead for major FX pairs, Gold, Oil and more Download a Free Guide Want to hold off on improving your trading? Click here to dismiss. EUR/USD Low High View More Note: Low and High figures are for the trading day. News U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range GBP/USD Low High View More Note: Low and High figures are for the trading day. News DXY Index Firms Up, but Still Stuck in Range Asia AM Digest: British Pound Gains on Brexit Breakthrough Hopes GBP/USD Marches Toward Monthly-High (1.3321) Ahead of BoE Testimony USD/JPY Low High View More Note: Low and High figures are for the trading day. News DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range DailyFX US AM Digest: Euro Retakes Earlier Losses; Dollar Stable at US Open Gold Low High View More Note: Low and High figures are for the trading day. News DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range Technical Analysis for Gold, Silver, Crude Oil, DAX & More Oil Low High View More Note: Low and High figures are for the trading day. News Technical Analysis for Gold, Silver, Crude Oil, DAX & More Crude Oil Prices Eye Inventory Data as Gold Awaits Yellen Speech Gold Prices May Continue Higher as German Coalition Crumbles BITCOIN Low High View More Note: Low and High figures are for the trading day. News Bitcoin Rallys Through $8,200; New Crypto Market Cap Record Bitcoin Soars Then Retreats; Good News Continues Bitcoin Momentum Continues, Hedge Fund Giant Signals Interest View More More Real-Time News Facebook Twitter Youtube Google + FX Markets Look to Pockets of Event Risk During US Holiday Week by  Christopher Vecchio, Sr. Currency Strategist  News events, market reactions, and macro trends. Connect via: Talking Points: - There are two ‘high’ importance releases for the US Dollar this week, despite the fact that all US markets will be closed on Thursday and Friday is a half-day. - Elsewhere, there are no ‘high’ importance data releases from the Asian-Pacific currencies in the coming days, while there are two ‘high’ importance release out of Europe. - Retail trader positioning suggests a less favorable environment for the US Dollar, particularly against the European currencies. Join me on Mondays at 7:30 EST/12 :30 GMT for the FX Week Ahead webinar, where we discuss top event risk over the coming days and strategies for trading FX markets around the events listed below. FX markets are starting to quiet down already as traders prepare for the mid-week liquidity drain around the US Thanksgiving holiday. The US Dollar, which has struggled in November, may just find some reprieve : traders prefer to square their books before stepping away for an extended period of time. Illiquid trading conditions will be present for tail end of the week, but before then, there are a handful of data releases worth paying attention to. 1 1/22 Wednesday | 12:3 0 GMT | GBP Chancellor of the Exchequer Delivers Budget to Parliament UK Chancellor of the Exchequer Phillip Hammond will deliver the Budget on Wednesday, formerly known as the “Autumn Statement.” Dodged by Tory party infighting and speculation that his ‘pro-Remain’ stance has impacted his effectiveness as a leader, Chancellor Hammond will use this opportunity to assert the May government’s vision of the UK economy as it grapples with the realities of the impending economic fallout from Brexit. Last year, the Autumn Statement proved to be an unexpected source of optimism that provoked a British Pound rally. Pairs to Watch: EUR/GBP, GBP/JPY, GBP/USD 11 /2 2 Wednesday | 1 3 :30 GMT | USD Durable Goods Orders ( OCT P) Durable Goods Orders are an important barometer for US consumption, which constitutes roughly 70% of GDP. Typically, consumers hold off on buying durable goods during poor economy conditions; thus, improved orders suggest confidence among American consumers with respect to their future financial security. The preliminary October print is expected to show an increase of +0.3% over the prior month after the +2.0% increase in September. The data won’t likely help US growth expectations for Q4’17, which have recently increased (per the Atlanta Fed GDPNow forecast) to +3.4% annualized. Pairs to Watch: EUR/USD, USD/JPY, DXY Index, Gold 11/22 Wednesday | 1 9 :00 GMT | USD November FOMC Meeting Minutes The Federal Reserve’s October 31 to November 1 policy meeting was a placeholder for the US Dollar: policymakers were staying the course for a rate hike in December. The FOMC’s decision to signal to markets that it intended on fulfilling its preset course for interest rates – as laid out initially in the December 2016 summary of economic projections (SEP) – by raising rates a total of three times in 2017 and another three times in 2018 reaffirmed what market participants already knew: there was a 100% chance of a 25-bps rate hike next month, according to Fed funds futures contracts. If anything, the minutes may contain some asymmetric risk for the US Dollar as any extended conversation about inflation will probably be USD-negative. Pairs to Watch: EUR/USD, USD/JPY, DXY Index, Gold 11/23 Thursday | 09 :30 GMT | GBP Gross Domestic Product (3Q P ) The second look at Q3’17 UK GDP is expected to show the UK economy grew by +1.5% annualized, the same rate reported at the initial release. The middling headline figure may be evident of the overhanging uncertainty the Brexit negotiations have wrought. A combination of stunted wage growth and rising inflation has crimped consumer expenditure, the prime growth driver in the UK. In effect, there is a state of mini-stagflation going on right now: save the labor market (which is doing quite well, thus the UK is not in a state of ‘true’ stagflation), inflation continues to run above +3% and headline GDP is below +2%. The initial UK GDP reading is published around 25 days after the end of the quarter and is based on 44% of actual data. The second estimate (due Wednesday) is released around seven and a half weeks after the end of the quarter and is based on around 80% of actual data. The third estimate is released 90 days after the quarter’s end and is based on around 91% of actual data. Pairs to Watch: EUR/GBP, GBP/JPY, GBP/USD Read more: Euro Looks to Hold onto Gains During US Holiday Week --- Written by Christopher Vecchio, CFA, Senior Currency Strategist To contact Christopher, email him at cvecchio@dailyfx.com . Follow him in the DailyFX Real Time News feed and Twitter at @CVecchioFX . To receive this analyst’s reports, sign up for his distribution list . Don’t trade FX but want to learn more? Read the DailyFX Trading Guides . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Related Articles Previous Articles From 5 key events Related Prev Articles   Ethereum Price Rally Stalls Ahead of Key Resistance Targets   U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful   DXY Index Firms Up, but Still Stuck in Range   Crude Oil Prices Eye Inventory Data as Gold Awaits Yellen Speech   Aussie Dollar May Fall Further, Pound at Risk on BOE Testimony   FX Markets Volatility Set to Rise with Busy Calendar: UK, US, & Canadian Inflation Due   FX Markets Turn to Asia-Pacific Region for Top Drivers in Week Ahead   FX Markets Brace for Big Week: EZ CPI; BOJ, FOMC, & BOE; US NFP   FX Markets Turn to Inflation Data from New Zealand, the UK, and Canada   FX Markets Eye Commentary from BOJ and Fed; US Data in Focus Advertisement Upcoming Events Economic Event Importance Actual - Forecast - Previous Importance Actual - Forecast - Previous Forex Economic Calendar A:  Actual   F:  Forecast     P:  Previous NEWS Articles Real Time News Daily Briefings Forecasts DailyFX Authors TECHNICAL ANALYSIS Articles Analyst Picks Support & Resistance Pivot Points Sentiment CALENDAR Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar EDUCATION Forex Trading University Trading Guide DAILYFX PLUS RATES CHARTS RSS Past performance is no indication of future results. DailyFX is the news and education website of IG Group. About Us  |   Contact Us  |   Cookies  |   Risk Warning  |   Privacy Policy  |   T & C

<< Back to news





Trading Room Signals Brokers Watch Videos