Today’s Key Market Drivers – 13th November 2017
No less than 17 high impacting news items this week.
The economic calendar shows this week has the potential to drive prices in some impulsive directions with no less than 17 high impacting news items set for release. Last week was lackluster for news and the US Dollar slipped against most of its major rivals. This was due to the fact the good news surrounding Trump’s planned tax cuts have been priced into the US Dollar and when it appeared the tax reform proposal wouldn’t pass through Capitol Hill with flying colours and may take longer than anticipated traders decided to lighten up on some of their US Dollar holdings.
Whilst none of the major’s trends have reversed, many pairs such as the AUD v USD are stuck in a range waiting for some news to get things moving. The AUD v USD weakened again on Friday but has not been able to break the low of 0.7625 which was created on the 27th November. There is no high impacting news for Australia until Thursday when the latest unemployment numbers are due for release so it may be up to the US Dollar to move higher before the Aussie will break the range and go lower.
What is worth noting is the mild pullback the US stock market had last week which saw the longest consecutive weekly winning streak brought to a close. The Dow Jones up until last week had gained for 8 straight weeks helping boost currencies that trade against the Yen. If we see the short-term trend in US stocks continue lower this week then the Yen will likely continue to rise and we will see the likes of the AUD v JPY and NZD v JPY continue to drift lower. The first of the high impacting news for the week is Tuesday with Bank of Japan Governor speaking in Zurich.
Have a great week!
About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts, and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular key-note speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
If you would like to speak to one of our Senior Client Advisors regarding the relative client opportunities offered at LTG GoldRock and how you can follow along with our Professional traders each day in our live trading room please contact us today or you can register for one of our a live coaching and trading webinars by clicking here.