Trade Recommendations for current Session
There is little to recommend as a safe trade today with ranges across major pairs trading relatively tight and most pairs open to a shift in either direction on account of current uncertainty surrounding the market and major news events to be later in the session and released next week.
Later in today’s session we have US retail sales figures where by figures are forecast to exceed previous levels which will add to current USD strength. Also today we have a statement from the Governor of the Bank of Japan, which is expected to have a neutral tone.
The USD has advanced upon its continued run of strength and is expected to display its largest gain collected in a week since December 2013, this was aided by additional anticipation of hawkish commentary from the Federal Reserve during their meeting next week.
Pre Session events
There has been another poll released from the UK signalling that the main protagonist calling for Scottish independence is losing ground to those that don’t wish to dissolve the Union, not that it notably helped the GBP as the market hesitates to take significant note with expectations of the outcome of the vote still being deadlocked.
Several directorial principals’ of the ECB made commentary throughout last night’s session recapitulating their decision regarding rates and signalling that they prepared to add further stimulus measures if the need arises.
AUD suffered the largest shift in negative price action against the USD following a flurry of AUD purchasing after exemplary employment data, however analysts are now debating the validity of the data stating that the influx of jobs, are believed be to less sustainable employment such as part time minimum wage positions, causing the AUD to steadily fall back against the USD.
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