March 1 daily Forex news and trade opportunities

President Trump shook things up in early trading hours following his speech to Congress. Reactions were initially muted, but eventually, the dollar found room for a rally. This and more on the daily Forex news and trade opportunities.

March 1, AtoZForex – The economic calendar is loaded with high impact news, ranging from UK Manufacturing PMI to Canada interest rate decision on the today’s daily Forex news.

#1 Dollar rallies on Trump/Fed

The dollar closed the New-York session yesterday with a nice rally, following information from a number of Fed officials who sounded very positive that another quarter-point rate increase could well happen at the next policy meeting. The dollar fell initially but eventually continued it rally even as Trump’s inaugural address to joint Congress was short of details on tax reform and infrastructure spending.

Opportunity: Buy USDJPY on dips

#2 Australian economy grows 1.1%, mining boosts economy

The Australian economy beat forecast to expand faster than expected at 1.1%, as against 0.7% expected. Household savings also fell to the lowest level in more than eight years as consumer spending rallied.

#3 Bank of Canada rate

The Bank of Canada meets today for its second policy meeting of the year. The BOC is expected to keep its overnight rate unchanged at 0.5%. The possibility of further easing was diminished after the meeting in January when the Bank struck a cautiously optimistic tone. This has diminished fears of trade restrictions by the US and a potential boost to Canadian exports from a Trump fiscal stimulus, as well as higher oil prices, have further eroded rate cut expectations, pushing up the Canadian dollar.

#4 Crude Oil Inventories

Crude oil has stayed in a tight range for weeks now, as the commodity awaits a catalyst for a breakout. The change in the number of barrels of crude oil held in inventory by commercial firms during the past week is forecast at 1.5%.

#5 Uncertainty in Eurozone future

This year is going to be crucial for the Eurozone. General elections in three EU founder member states can dramatically change the political geography of Europe in 2017. The Netherlands, France, and Germany will hold elections between March and September. The outcomes of these elections will help determine the future of Europe’s common currency. Moving further, the fourth member state, Italy, may hold a vote by the end of the year. Considering the uncertainty that awaits, the EU major players are making moves to support themselves for whatever the future brings.

#6 Warren Buffett Predicts Stock Market Crash in 2017

The Oracle of Omaha- Warren Buffett offered his long-term predictions for American stocks and you can use this when the things go badly. He has long-term plans for the American stocks as the economy is performing well since the Donald Trump stock market rally and his new regulations. Warren Buffett has no worries about the long-term prospects of American business and the stock market’s performance. In his letter to shareholders, Buffett pointed out that the Dow Jones surged 72% from the end of the 20th century.

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