Forex trading should remain volatile this week as event risk looms for the US dollar, Euro, British pound, and Canadian dollar. Given the sharp rally in the greenback over the course of last week, stronger-than-expected economic indicators for other regions could easily trigger reversals throughout the majors.
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This week, a total of four central banks will meet, including the Federal Reserve, Bank of England, European Central Bank, and Reserve Bank of Australia. However, only a few of these rate decisions have the potential to spark volatility in the forex markets, especially since all of the banks are expected to leave interest rates unchanged.
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The British pound experienced a choppy day of trading between 1.97 - 1.98, as GfK consumer confidence dropped to a more than 18-year low of -29 from -24.
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The US dollar pulled back from early morning gains as fresh economic data weighted on future growth prospects and traders looked to clear their books ahead of next week?s busy calendar.
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The European Central Bank celebrates its 10th birthday Monday with its reputation burnished by a steadfast stance on interest rates and quick action to supply banks with cash during the credit crisis over mortgage-backed securities.
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Relatively stable volatility levels make Trend-based currency trading strategies attractive through the near term, as nearly 60 percent of our currency pairs are in low-volatility trends.
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- Euro: Will the German Economy Remain the Engine of Euro-zone Growth? - British Pound: Will the Focus Shift Away from Inflation to the UK Economic Slowdown?
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After reaching 1.5283 in early Wednesday trade the dollar rally ran out of gas for the rest of the week as uber hawkish Jean Claude Trichet dismissed any possibility of near term rate cuts causing a quick short covering rally in the EURUSD.
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The New Zealand Dollar, Australian Dollar and the Canadian Dollar, rebounded against the mighty greenback thanks to a recovery in commodity prices.
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All of the Yen crosses have rebounded today despite little Japanese economic data.
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