We have a few top-tier catalysts on the calendar and a lot of them aren’t even economic reports! Here’s what I’m watching on the major dollar pairs.
1-Hour Charts of the Majors
Purple Line: weekly open prices (WO)
Blue Line: weekly highs and lows (PWH, PWL)
Red Line: top and bottom weekly ATRs (tWATR, bWATR)
Blue MA: 100 SMA
Red MA: 200 SMA
1. Central banker speeches – The ECB is hosting a “Forum on Central Banking” in Portugal this week and market players are expecting entertainment in the form of market-moving statements.Draghi will set the tone in an opening statement today at 5:30 pm GMT, but the highlight of the show won’t be until Wednesday at 1:30 pm GMT when central bank VIPs like BOC’s Stephen Poloz, and BOE’s Mark Carney, BOJ’s Haruhiko Kuroda, and ECB’s own Mario Draghi will head a panel discussion. This is probably a good thing because we have SOOO MANY questions.
On a side note, Fed’s Janet Yellen might also get some attention when she takes questions at a “President’s Lecture” in London on Tuesday at 5:00 pm GMT. Keep your eyes glued to the tube!
2. U.S. final GDP report – Market players aren’t expecting changes from the initial 1.2% growth reading, but any surprises could support or further erode the Fed’s hawkishness in its last statements. A downside adjustment could weigh on the Greenback, while an upside surprise or even a non-event could make Fed members say “Ha. We told you so!”
3. Queen’s Speech debates and vote – It’s a busy week for U.K. governance as House Commons and Lords vote on the bills in the Queen’s speech. We’ll probably see a lot of volatility during the debates leading up to June 28 and 29 when the newly-elected officials vote on the bills. Any significant setback will represent another hard knock for Theresa May and her Brexit plans, so make sure you don’t miss any of the drama!
P.S.: Remember to never risk more than 1% of a trading account on any single trade and to adjust position sizes accordingly. Create your own ideas and don’t follow what I do. Better yet, read the Risk Disclosure!
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