Welcome to the week! For those that missed the action in the markets last week, we’re expecting allot of good opportunities this week. With David busy with a classroom full of new prop traders, Curt is filling in on blogging duties. Over to you Curt!
Morning guys, coming off some great moves last week, we shall see some potential moves in the FX markets this week with news a primary tool to watch out for.
Tonight (Monday the 8th EST) we see my good friend who is now working on his European summer tan Mr Mario Draghi speaking as president of the ECB (European Central Bank). This will occur at 10.30pm EST, and as I am a big fan of the euro currency, I will always pay my respect to him as I know time after time, he can single handily move the euro currency. He will be speaking in Brussels before the committee on Economic and Monetary Affairs of the European Parliament. The euro is currently heading down and finding support on 1.2797.
Tomorrow, Tuesday the 9th of July, we see some news coming out of china. In particular, CPI data. China is a mover and shaker for the Aussie dollar as we rely so much of them now. Not just Australian companies, but the world over is really seeing china as a place to keep profits margins up and expand their global business empires. So any hints of weakness from the Chinese can and will be an unhappy or happy outcome for the Aussie dollar (depending if your long or short;)
Keeping in touch with the Aussie we will also have more news coming in on Wednesday the 10th of July with again Chinese trade balance coming into play.
Towards the end of the week we fly over to US of A and see my uncle Ben, Ben Bernanke that is. He will be speaking early Thursday morning after the FOMC meeting minutes being released. With the US dollar index breaking recent highs of 84.24 (a previous double top from 24/7/12 and 23ish/5/13), if Ben can hold above this level, we will see further upward moves on the US dollar.
Seat tight and don’t let the markets scare you, because I see them as a avenue to make a dollar, or slightly more shall I say J.