Hi Friends, Good day. A battery of key news that will be announced during the American session, opens a three-day series which will probably define the currency trends facing several weeks later.
Let’s see: the private jobs data, known as ADP, is perhaps the least expectation generates, as the official figure, to be known on Friday, is getting back away from the issue of the private firm to be published at 8: 15 East. In July is expected to have been created about 180,000 new jobs in the sector.
But one of the keys comes 8:30, with the first reading of second quarter U.S. GDP. The previous forecast speaks of a modest economic growth of 1.1% in this period, compared with a measurement of 1.8% previously.
At 9:45, as the end of each month, you know the Chicago PMI, which will go unnoticed today, with the release of the Fed’s monetary policy, scheduled for 2:00 PM, and will end up defining the daily struggle .
It is known that Ben Bernanke, Fed Chairman, and members of the FOMC generally think reducing the stimulus to the economy from the current 85 billion dollars to a figure not yet known. The question is now given on the wording of the communique, which is unknown whether these figures speak, or dates.
Bernanke had already announced in previous presentations that this decision will depend on the progress of the economy in general, and hence the measurement of GDP in the morning is key.
No doubt a rising dollar in general for the future. What is not known is when.
In this context, the euro moved below 1.33, a value that touched several times in recent days, but without yielding of 1.3230, which set in a narrow price range, even when various speeds bulls have been violated. A low of 1.32 accelerate the loss of the single currency looking at least the 1.3130 area in a few hours.
The British pound, weak, fundamental date, but with the monetary policy announcement scheduled for Thursday, and an oversold level in the short term could at least slow its decline during the American session.
Strong Yen again, with a remarkable growth in the Asian session, helped by a drop in the Nikkei 225 leading shares. The JPY is presented stable American time, but very lively in Asia, precisely because of the oscillations of a stock market since last July 18 rapidly loses strength.
And continues to lose strength in the Australian dollar as the local economy sum discouraging news. The 0.90 area is now listed as the support to follow, and stretch break aussie losses in the medium term to the 0.87 area.
Friends, we wish everyone a great trading day, on this special day for global markets, so as always, we would suggest caution in the positions they take, always with low risk and short term. Good end of the month, see you on Thursday.
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