The top 5 events forex traders need to watch this week:

The top 5 events forex traders need to watch this week:

3 abril 2017, 03:58
Anderson Braga

The first quarter has come to an end and it was a tough one for the U.S. dollar. Even a rate hike by the Federal Reserve failed to stem the slide in the greenback, which lost approximately 5% of its value against the Japanese yen and Australian dollar.

The lack of urgency among U.S. policymakers to follow up the March hike in June was the main cause of the weakness but the failed health care bill, tax reform uncertainty and mixed data also contributed to the move. As we head into the first week of the second quarter, the dollar faces continued risks with the prospect of slower payroll growth. Here are the top 5 events forex traders need to watch this week:

  1. U.S. Non-Farm Payrolls
  2. FOMC Minutes
  3. RBA Rate Decision
  4. UK PMIs
  5. Canadian Employment


Data Review

  • Advanced Goods Trade Balance -$64.8b vs. -$66.4b Expected
  • Wholesale Inventories 0.4% vs. 0.2% Expected
  • Consumer Confidence 125.6 vs. 114.0 Expected
  • Pending Home Sales 5.5% vs. 2.5% Expected
  • GDP (Annualized) 2.1% vs. 2.0% Expected
  • Personal Consumption 3.5% vs. 3.0% Expected
  • Core PCE 1.3% vs. 1.2% Expected
  • Personal Income 0.4% vs. 0.4% Expected
  • Personal Spending 0.1% vs. 0.2% Expected
  • PCE Deflator 0.1% vs. 0.1% Expected
  • PCE Core 0.2% vs. 0.2% Expected
  • Chicago PMI 57.7 vs. 56.9 Expected
  • U. of Mich. Confidence 96.9 vs. 97.6 Expected
  • U. of Mich. Current Conditions 113.2 vs. 114.5 Prior
  • U. of Mich. Expectations 86.5 vs. 86.7 Prior

Data Preview

  • U.S. Manufacturing, Composite PMI and ISM Manufacturing- Potential for downside surprise given weaker Empire State & Philadelphia Fed index but stronger Chicago puts this at level 2 confidence
  • Trade Balance- Will update after ISM manufacturing report
  • Factory and Durable Goods Orders- Can be market moving but durable goods is very volatile and difficult to predict
  • ADP Employment Change- Will be market moving but hard to predict
  • Services and ISM Non-Manufacturing Composite- Likely to be weaker but have to see ISM manufacturing
  • FOMC Minutes- We do not trade minutes but likely optimistic
  • Non-Farm Payrolls- Weaker job growth expected

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