We had some nice volatility yesterday when Australia’s
CPI was released. Australian dollar took a hit and the weakness will probably
continue till the end of the week. Canadian Retail Sales numbers were a
surprise as they were much bigger than predicted and ‘the loonie’ soared as a
result. We are coming to the key event of the week: UK Gross Domestic
Product. Neither you, nor me know where the Pound will go and whether the real
data matches the expectations of the market. Economists have given us pretty
bullish figure to expect, which is not very likely to be met. But who knows,
maybe it will be better than expected too.
So, I am getting ready for a trade of British GDP,
which is coming in half an hour. I am preparing a buy stop in gbp/cad and a
sell stop in gbp/nzd. If market is not taken by surprise I will remove my
orders and wait for other currency pairs or commodities to move. S&P500
seems to have corrected nicely and may take another try to take its’ all time
highs of 1700. Oil is also stabilizing after a fall and sitting on 200 simple
moving average on 2 hour chart. I bet the end of the week will be pretty
interesting.
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