Did you miss yesterday’s trade opportunities? Then you should definitely take advantage of today’s volatile market with the ECB press conference lined up. Learn from our Forex trading tips, as it outlines the trade opportunities that traders can’t miss.
8st September AtoZ Forex There are four (4) remaining high news events today. Take advantage, but always stay cautious.
High impact news -8th Sept 2016
#1 AUSTRALIA-@ 2:30am BST
Trade balance – Previous: -3.2B; Forecast: -2.65B; Actual: -2.41B; Currency affected: AUD
Forex Trading Tips – Market expected an improved trade balance and was not disappointed with better than expected trade balance data.
#2 CHINA-@ no fixed time;
Trade balance –Previous: 343B; Forecast: 372B; Currency affected: YUAN
Forex Trading Tips – Market expects exports to increase and if actual data is less than forecasted data, the YUAN will depreciate.
Hint: AUD will be impacted by this data also.
#3 EUROPE-@ 12:45pm BST
ECB Minimum Bid Rate – Previous 0.00%; Forecast 0.00%; Currency affected: EUR
Forex Trading Tips – This is a measure of the interest rate on the main refinancing operations that provide the bulk of the liquidity to the banking system. If the actual data is greater than forecast then expect EUR to appreciate. See hint below.
#4 EUROPE-@ 1:30pm BST
ECB Press Conference – Non-data event; Currency affected: EUR
Forex Trading Tips – Usually the press conference is an hour long. It is in two sections first the prepared statement is read followed by a Q&A session. Volatility is expected. If traders detect a hawkish statement or comments during the Q&A session, expect the EUR to appreciate.
Hint: Simply do not trade on the ECB Minimum Bid Rate data, as it is overshadowed by the ECB press release.
#5 USA-@ 1:30pm BST
Unemployment Claims – Previous: 263k; Forecast: tbc; Currency affected: USD
Forex Trading Tips – This is a measure of the number of individuals who filed for unemployment insurance for the first time during the past week. If the actual data is less than forecast expect USD to appreciate.
#6 USA-@ 4:00pm BST
Crude Oil Inventories – Previous: 2.3M; Forecast: tbc; Currency affected: USD
Forex Trading Tips – – this data is released weekly and no consistency as to in which direction USD to take a position with other data released at the same time.
Currency Pairs – Daily Forex Trading Tips
#7 AUD forex trading tips
The AUD performance was neutral after the Trade Balance news data release in the Asian session.
Forex Trading Tips – On intraday (H1 TF) the bias currently is on the bullish side against the CHF, CAD, EUR, GBP, JPY, NZD and USD.
#8 CAD forex trading tips
The CAD performance was bearish/neutral in the Asian session.
Forex Trading Tips – On intraday (H1 TF) the bias currently is on the bearish direction against the AUD, NZD and neutral/bullish EUR, GBP, JPY, USD.
#9 EUR forex trading tips
The EUR performance was neutral in the Asian session.
Forex Trading Tips – On intraday (H1 TF) the bias currently is on the bullish direction against the CHF, CAD, USD and bearish against the AUD, GBP.
#10 GBP forex trading tips
The GBP performance was generally bearish in the Asian session.
Forex Trading Tips – On intraday (H1 TF) the bias currently is bullish against the CAD, EUR, JPY, USD and bearish AUD, NZD.
#11 JPY forex trading tips – In the Asian session the JPY performance was neutral/bearish.
Forex Trading Tips – On intraday (H1 TF) the bias currently is on the bearish on AUD, CHF and NZD.
#12 USD forex trading tips – The USD was bearish during the Asian session.
Forex Trading Tips – On intraday (H1 TF) the bias currently is on the bearish side against the AUD, CAD, CHF, EUR, GBP, JPY and NZD.
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