Feb 22 - Economic Events Brief - ECB In The Limelight - Forex News by FX Leaders

Feb 22 – Economic Events Brief – ECB In The Limelight

Posted Thursday, February 22, 2018 by
Arslan Butt • 2 min read

Despite the fact that the market was boring before the FOMC and that it remains randomly volatile after the FOMC, it’s been another phenomenal week as three out three of our forex trading signals hit take profit. Investor’s main focus lingers on the ECB but there are few more events today that are worth trading. Who’s up for it?

Top Economic Events & Potential Impact

Great Britain Pound – GBP

Second Estimate GDP q/q – At 9:30 (GMT), the GDP data is set to be released. It is forecasted to remain unchanged at 0.5% as the British economy grew at a faster pace in Q4 2017.

After Mark Carney & team’s upbeat inflationary assessment, we can expect a better than expected GDP figure. The Sterling is still supported as BOE Gov Mark Carney indicated that they are on track to three hikes compared to two initially expected. Any slight divergence in the data could cause huge movement in the Cable.

Eurozone – EUR

ECB Monetary Policy Meeting Accounts – The data will be monitored at 12:30 (GMT). In their January meeting, the ECB (European Central Bank) left its policy unchanged. Mario Draghi avoided saying anything about their next action in the quantitative easing program.

All they mentioned was that there is good growth in the economy but the inflation remains low. Typically, the meeting minutes contain the same old message. However, any divergence from the old message can drive the volatility in the Euro.

Canadian Dollar- CAD

Core Retail Sales m/m – At 16:00 (GMT), the retail sales and core retail sales will be worth watching. This is the change in the total value of sales at the retail level, excluding automobiles.

New Zealand Dollar – NZD

Retail Sales q/q – Like Canada, the Statistics New Zealand will be releasing the retail sales data at 21:45 (GMT). The figure is forecasted to upbeat the previous figure to 1.4%.   

US Dollar – USD

Crude Oil Inventories – I simply love catching the Crude Oil fluctuations caused by EIA reports. It’s decently predictable and usually helps pocket 50 – 60 pips. Today, the data is expected to be 2.2M vs. 1.8M last week. Although the WTI has formed a really cool buying setup, it’s better to wait for the data before placing any positions. I will be sharing a Crude Oil trade idea shortly, so stay tuned for our updates.

Summing up, the present calmness in the market is temporary. During the European and US sessions, the markets are likely to get volatile. Check the FX Leaders Fundamentals Trading strategy for tips on different trading strategies, and keep following for trade ideas. Have an awesome day!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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