Trade ideas for August 2-6
What events to follow and how to trade during the week of July 2-6?
Wednesday is full of US reports
News geeks get ready for the chain of US reports, which starts at 15:30 MT time on November 25!
Instruments to trade: EUR/USD; USD/JPY; GBP/USD; USD/CAD
Wednesday will start with 3 significant reports at 15:30 MT time: the preliminary GDP for the third quarter, core durable goods orders, and unemployment claims. Then, consumer sentiment, personal spending, and new home sales will be out at 17:00 MT time. Finally, the FOMC meeting minutes will be released at 21:00 MT time. It’s awesome as it will increase the market volatility and create huge price swings! The first package of news should have the most impact as it will reveal GDP – the broadest measure of economic activity. Moreover, core durable goods orders are must-watch as well because this report is the key indicator of US production. Follow the reports and catch the market flow!
- If actual numbers are better than the forecasts, the USD will go up.
- Otherwise, the worse-than-expected reports will drive the USD down.
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