Don’t waste your time – keep track of how NFP affects the US dollar!
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Personal areaLast week we saw unexpectedly positive US retail sales data, that have sent the Dollar to the sky in lots of currency pairs. Also, gold is now under pressure because of seeming economic recovery. But there is more to come for these assets. Next week will bring us tons of fascinating data to trade on. Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.
Canadians will go to the polls on Monday, September 20, to elect their new government. If the Liberal party wins, Canada will meet tightening of monetary policy and rate rise next year, which is positive for CAD. In contrast, the Canadian dollar could take a hit if the Conservative party wins, as the probability of spending cuts down the road would be much higher. Tuesday will bring us Bank of Australia’s monetary policy meeting minutes, with vital information about economic conditions and interest rates plans. There will be FOMC economic projections and Federal funds rate on Wednesday. Though we are sure the rate will remain at the same level, we heard nothing about tapering since Jackson Hole. Thursday will be the most eventful with Swiss National Bank Policy Assessment, German Flash Manufacturing and Services PMI, and British Monetary Policy Summary. So many different events can’t help but affect all major currency pairs. And last on our list is Fridays’ speech of Fed Chair J. Powell, who may talk about the economic stimulus program.
Apple had quite a boring event last week, and the price has reacted accordingly. Now the company has all chances to plunge even more to $145 and $140 levels. S&P 500 is looking bad in anticipation on further Fed’s statements, but HK 50 index as trying to recover from Chinas regulatory pressure. Recently China has given $14 billion to banks trying to support the economy. Because of that we can expect bullish movements in Chinese stocks.
Two main events will occur: Crude Oil Inventories reading on Wednesday and US Natural Gas Storage report on Thursday, both might impact the market strong. Last week we saw a sharp decrease in Crude Oil Inventories that lead to XBR/USD and XTI/USD rapid growth. The same can happen with XNG/USD, watch the market closely.
The following information is not investment advice. Remember that trading is risky. Manage your funds carefully and remember that you can use Take Profit and Stop Loss orders to maximize your gains and limit your losses.
