February 24 daily Forex news and trade opportunities

Gold finally broke out higher yesterday, thanks to dollar weakness across board yesterday. The yellow metal has stalled below the daily 200 MVA for several days. . We expect a continuation of the dollar weakness today, as we also look at the daily Forex news and trade opportunities.

February 24, AtoZForex – Today, the Canadian dollar will be the most interesting currency to watch, considering that we have the inflation data due.

#1 Dow to 21000?

The Dow Jones Industrial Average surged 0.16 percent to 20,775.60 up 32.60 points on Wednesday trading session. The index is reaching for the 21000 level very soon. But, even if the Dow Jones reaches 21000 in President Donald Trump’s first term, the trajectory wouldn’t be a straight line. Moreover, this is happening at a time when the stock market has arranged a successful breakout of low volatility since the election.

#2 Canada CPI data

Today, a list of Canada’s CPI data are due for release which includes the CPI m/m, Common CPI y/y, Median CPI y/y and the trimmed CPI y/y. The Canadian economy now seems to be gaining footing as oil prices stabilize. The results from this data would be a major determinant in the next course of movement for the USDCAD pair which looks like it is set to have a bullish breakout.

Opportunity: Buy USDCAD on disappointing data

#3 Oil cut agreement compliance will rise above 90 percent?

The Secretary General of OPEC, Mohammad Barkindo recently stated that the Oil cut agreement compliance will rise above 90 percent. Oil prices have been in a range lately but now looks like it is about to breakout to the topside. Such hawkish statements could help send oil prices into break higher.

Opportunity: Follow bullish oil break out only after confirmation

#4 BoJ Kuroda says Bank of Japan negative rate policy on hold

The Bank of Japan (BoJ) Governor Haruhiko Kuroda has stated that the chance that central bank will extend negative interest rates across the Japan is now low. He has referred to the market expectations that no extra monetary easing will emerge. Mr. Kuroda has stated that Japanese economic growth was speeding up. This has kept the inflation the inflation on track to reach the BoJ’s 2 percent target during the fiscal year that ends in March 2019

#5 Trump vs China

US president, Donald Trump has taken another jab at China, calling them “grand champions of currency manipulation.” This statement came just a few hours after the new Treasury secretary pledged a more methodical approach to analyzing Beijing’s foreign exchange practices. In an interview with Reuters, Trump said he has not “held back” in his assessment that China manipulates its yuan currency, despite not acting on a campaign promise to declare it a currency manipulator on his first day in office, saying “Well they, I think they’re grand champions at manipulation of currency. So I haven’t held back,” Trump said. “We’ll see what happens.”

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