Ready to Start Trading?
Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.
Apply onlineAny Questions?
Contact us:
phone: +1 849 9370815
email: sales@tradersway.com
USD
The dollar had a topsy-turvy day, as the GDP report from the US came in stronger at 1.7% instead of the estimate at 1.1%.
The FOMC statement, however, derailed the dollar from its rallies as it showed that policymakers were uneasy about weak inflation and rising mortgage costs. For now, they are still keeping close tabs on inflation and employment before deciding if they will indeed taper next month. ISM manufacturing PMI and jobless claims are up for release today, and traders could pay closer attention to the employment component of the ISM PMI.
EUR
The euro had a volatile day against the dollar, although euro zone data came mostly in line with expectations German CPI showed a 0.5% uptick while Spanish GDP printed a 0.1% contraction. The ECB statement is scheduled for today and more volatility is expected for EUR/USD. Although Draghi pretty much detailed their monetary plans for the foreseeable future, he could still rock the euro if he says something new or highlights the recent developments in the euro zone.
GBP
The pound is also in for a volatile day as the BOE interest rate decision is scheduled later today. BOC Governor Carney outlined his plans for the central bank and monetary policy already but he could have a few things to say on how the economy is doing, and this would be crucial in dictating pound movement.
CHF
USD/CHF price action has been very choppy lately, as the US events failed to give a clear direction for the Greenback. Data from Switzerland has been relatively okay, as the KOF economic barometer improved from 1.15 to 1.23 while the UBS consumption indicator was at 1.44, down from 1.45. Swiss banks are on a holiday today, which suggests quiet trading for franc pairs.
JPY
The yen consolidated against most of its counterparts as traders are still awaiting more clues from the market. There are no major reports released from Japan recently, which suggests yen pairs could stay stuck in consolidation for a while, unless country-specific events spark huge moves for some.
Commodity Currencies (AUD, NZD, CAD)
Comdolls were mostly stuck in consolidation, particularly for AUD/USD and USD/CAD. There were no major releases from their economies recently, although the Chinese official government PMI figures came in better than expected. The biggest movers for this pairs today could be the US ISM manufacturing PMI and jobless claims.
By Kate Curtis from Trader's Way
Any Questions?
Email Us: sales@tradersway.com
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
2023 Martin Luther King Holiday Schedule
Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....
Learn more