Are You Ready for the First NFP Week of 2014?

What better way to stretch your news-trading muscles after the holidays than by trading NFP week reports? Here are the major reports for the first NFP week of the year!

Major comdoll data

Now that Happy Pip has identified possible inflection points for AUD/USD, USD/CAD, and NZD/USD, let’s try to name economic reports that might influence comdoll price action.

Australia’s trade balance numbers are scheduled tomorrow at 1:30 am GMT while its retail sales and building approvals figures are set for release on Thursday at 1:30 am GMT. China will not be left behind with its inflation report on tap on Thursday at 2:30 am GMT followed by its trade balance report on Friday.

It’s Canada’s turn to dump data this week, as it has FOUR major reports scheduled for release. Its trade balance report will be out at 1:30 pm GMT with the IVEY PMI following close at 4:00 pm GMT. We’ll also see the building permits data at 2:30 pm GMT before they print Canada’s unemployment numbers on Friday also at 2:30 pm GMT. Phew! What a lineup!

BOE-ECB monetary policy decision combo

Although the U.K. and euro zone’s production numbers will also get attention, traders will likely focus on the Bank of England (BOE) and European Central Bank (ECB)’s monetary policy decisions on Thursday between 1:00 pm GMT and 3:00 pm GMT.

The pressure is on for the BOE to raise its rates sooner than expected since the U.K.’s jobless rate fell faster than early analyst estimates. The Monetary Policy Committee (MPC) isn’t expected to change its interest rates and asset purchases this month. If it does though, then look at its policy statement changes to its forward guidance (like lower unemployment threshold) that would delay interest rate hikes.

The ECB also isn’t expected to make changes to its policies this week. Instead, Draghi and his gang could talk about progress related to banking union and encouraging more bank lending. Keep your eyes peeled for the strategies that they’re considering!

Taper-related reports

What’s an NFP week without taper speculations? With the Fed tapering its QE for the first time last month, all eyes will be on the FOMC meeting minutes on Wednesday at 8:00 pm GMT to see how consistently the Fed plans on scaling back its asset purchases.

While you’re waiting for the FOMC minutes, you can trade the ISM non-manufacturing numbers today at 4:00 pm GMT and the ADP report on Wednesday at 2:15 pm GMT. Then, once the FOMC minutes hoopla has settled, then you can pay attention to the Challenger job cuts and initial jobless claims on Thursday and the big NFP report on Friday at 2:30 pm GMT.

Good luck and good trading, fellas!