Due to renewed downward pressure the pair AUD / USD has seen another downfall. This pair was predicted to decrease due to the widespread decreasing commodity process and the strengthening of the greenback (USD) yesterday. This was also set off against the announced monetary policy objectives between the USA and Australia. It is incredible how things can move and change so fast I recall a time when the USD and the AUD were the same in value, there were days the AUD actually made it hit higher than the almighty dollar (USD). Australian investors down-under are desperately waiting for the announcement on the future of their mining investment for growth. They are heavily reliant on this figure increasing to shed an encouraging future on the AUD. There are strong investor interests surrounding the news announcements on Thursday, with the expectation that there will be a significant increase in this area of investment to be initiated then.
Here are a few things to look out for this week if you are trailing the USD, these points will be worth mentioning:
- Tuesday brings in Feb Chair Yellen testifying to the Senate banking panel, the announcement of the Existing Home Sales numbers and the CB Consumer confidence will be reported
- Wednesday sees the Feb Chair Yellen testifying to the financial services committee and there will also be New Homes Sales figures published
- Thursday will present inflation and employment data releases as well as Fed’s Fisher and Lockhart both have a speech that will affect the USD
- Finally on Friday we see all the growth numbers being released
As for the Australian Dollar (AUD) we mentioned a few points to remember regarding this currency here they are for you to note:
- Wednesday will welcome the release of wage-price and construction figures as well as the release of the HSBC’s private sector reading of manufacturing PMI
- Thursday rings in the release of CAPEX figures which is probably the most important event to mark on the calendar
Last week I brought to your attention that ever since the commodity Oil was decreasing in its price the strength of the currency pair USD / CAD. The Bank of Canada has decided to hold a meeting that will certainly turn things upside down. The meeting will be regarding their main commodity and the demand thereof Organization of Petroleum Exporting Countries (OPEC). This is an important commodity and export for the Northern American state and its downfall is affecting the economy in massive ways, seems that an emergency meeting is going to be held in its honor. This will mean that the Canadian Dollar (CAD) will feel the outcome of this meeting as well. I fear that the meeting will not produce the usual result of decreased prices then a turn upward to a bullish trend. This may spell a different ending to the tale.
Today’s Trading Tip:
The USD is still growing from strength to strength, I would CALL on the USD / AUD as well as perhaps pick a PUT on the CAD / USD. These would be my recommendations just for today due to the announcements to follow the AUD and the USD as of tomorrow (Wednesday).
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