22 July, AtoZForex – Yesterday we saw cable depreciate on the worse than expected UK retail figures. The EUR also fluctuated during the ECB press conference . USD weakened after the mixed reports on the Philly Manufacturing Index and the Unemployment Claims. Both GBP and EUR recovered in the US and closed on the positive side compared to the previous day.
Kicking off today’s Forex Trading Tips, we can expect greater volatility from the release of four (4) high impact news from the UK and Canada. Both GBP and CAD in focus today.
High impact news to you need to look out for:
# 1 UK -@ 9:30am BST
Manufacturing PMI – Previous: 52.1; Forecast: 47.8; Currency affected: GBP
Forex Trading Tips – previous two months we have seen positive figures greater than what was forecast, however, this month the figure is forecast as being negative. If the Retail sales actual figure is greater than forecast we could see further upside for the GBP.
#2 UK – @ 9:30am BST
Services PMI – Previous 52.3; Forecast – 48.9; Currency affected: GBP
Forex Trading Tips – If the actual is greater than the forecast then it is good for the GBP. Market expectation is lower than previous month.
#3 CANADA – @ 1:30pm BST
Core CPI – Previous: 0.4%; Forecast: 0.0%; Currency affected: CAD
Forex Trading Tips – Market expects figures to be below last month’s. However, anything positive above zero (0%) means upside for the CAD.
#4 CANADA – @ 1:30pm BST
Core Retail Sales: Previous: 1.3%; Forecast: 0.3%; Currency affected: CAD
Forex Trading Tips – Market expects figures to be below last month’s. However, anything at the forecast figure or positive above 0.3% means upside for the CAD.
Currency Pairs – Daily Forex Trading Tips
#5 GBPUSD trading tip
With the expectant Manufacturing PMI and Service PMI data will be the order of the day. Market expectancy is to the downside for the GBP. Look for a possible move to the upside if data is better than expected. However, bias is on the SHORT side.
Forex Trading Tips – Intraday bullish outlook. This may reverse today on a more positive data this morning
#6 CAD pairs trading tip
With the main focus on the Core CPI and Core Retail Sales bias for this pair is on the SHORT side
Forex Trading Tips – Intraday bearish outlook. This may reverse today on a more hawkish stance due the news. However do look for buying opportunities at key support levels.
Think we missed something? Let us know down in the comments section.