Today’s economic calendar is pretty thin, but there are a few items on tap for later that may bring some participation to the markets. On a side note, tomorrow marks the beginning of the official blackout period for U.S. FOMC members ahead of their upcoming meeting. Be sure to circle September 20th on your personal calendar, as the FED will release their interest rate decision.

A Crucial Part Of Trading Is Staying Up On Current Events

It goes without saying, but successfully navigating the markets during Central Bank announcements can be a challenge. The key is to stay aware of scheduled announcements and have a strategy in place to deal with any contingencies.

Friday’s Releases

Not much is happening on the economic news front today. Earlier we saw the Wholesale Inventories for July statistic released, coming in above expectations. Wholesale inventories is an indirect consumption metric, as growing inventory may be a sign of lagging sales.

A few other metrics to be aware of for later in the U.S. session:

• Baker Hughes US Rig Count                     1:00 PM EST

• Consumer Credit (July)                              3:00 PM EST

Both of these numbers will be significant. Amid hurricane fallout in the US Gulf Coast, the Baker Hughes Rig Count will be under intense scrutiny from the market. A substantial decrease will suggest a longer-term disruption in the supply chain. This scenario may spike WTI crude oil pricing, so stay awake out there!

Consumer Credit is a FED number, meaning that the FED derives and releases it. Going into the official meeting in a few weeks, a high figure here may prompt market bias towards a coming rate hike. As a result, we may see a late Friday USD rally across the majors.

It is important to stay on your toes during these releases. It is the end of the week and many traders are implementing profit taking strategies to go home flat. In time sensitive situations such as these, it is worthwhile to know how hedging works in forex trading.

As always, trade smart and for tomorrow!