On December the 3rd Canada reported a 6% unemployment rate, while the expectations were at a 6.6% level. Less than expected unemployment rate is always hawkish news for the national currency.
Trading plan for February 27
What are the most important events for today?
Let's start with the Canadian economic data. CPI level will be out at 15:30 MT time. The forecast is optimistic. Howver, the actual data will affect the market the most. If the actual figure outperforms the forecast, the CAD will be supported. In case of the lower reading the Canadian currency may suffer.
The next is the second part of the Fed Chairman's Testiffies. M. Powel will provide clues on the monetary policy and economic conditiona. Yesterday, the USD plunged based on the mixed comments. If today Mr. Powell is still cautious, the USD will keep falling. In the case of some hawkish comments, the American currency will recover.
Oil crude invetories data will become another important event you should pay attention to. On Monday, oil market suffered based on the Trump's tweet about OPEC and too high oil prices. If the economic data is positive for oil (the market need a decline), WTI and Brent will be able to appreciate.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
The oil prices have declined this week after the new Omicron strain was identified. What should we expect next from oil?
Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.
After the US CPI last week came out above the forecast, traders started expecting a 75-basis point rate hike…
In this video, we will talk about the potential change of a trend in the euro, another stock rally amid a global downtrend, gold prospects, and news that shakes the world right now. It’ll be a helpful video you don’t want to miss.