A Number of US Events and a Turnaround of the USD
Skerdian Meta • 1 min read
Today looks packed with events that could affect the forex market, particularly the USD pairs. Economic data, Yellen, and now Trump are all trying to leave their mark on the markets.
It is no surprise that the Buck has completed a 50 pip round trip. EUR/USD first fell to around 1.0520 and now it's back up to 1.0580.
The US inflation report was the first to hit the wires and it was impressive. It beat expectations, as did the retail sales. Capacity utilization remained laggard but it was a great round of data overall.
That's when the buck jumped 50 pips. By the way, our AUD/USD signal hit take profit during that decline and we finally got paid for our night shift since we opened it at around 3am.
Then, along came Yellen who said that the performance of the US economy has been disappointing. That's totally the opposite of what we heard yesterday.
The Buck started to reverse after that and it completed the round trip. This gave us a chance to open a sell forex signal here. Let's hope it ends well.
Finally, the one and only Trump is asking European members of NATO to pay up or the US will dry the tap. He's also talking about tax cuts and other sorts of things, so no one knows how it will go for the USD and no forex trader is safe. So try to stay safe, guys. May be good to stay on the sidelines for now.