Daily FX Trading Update: RBA Rate Decision Coming Up – Mar 3, 2015

Article source: forexminute.com

The US dollar continued its advance against most of its major FX trading counterparts, as risk aversion stayed in the market at the start of the week. Data from the US economy was actually weaker than expected, with the ISM manufacturing PMI falling from 53.5 to 52.9, reflecting a slower expansion in the industry. Construction spending marked a 1.1% tumble versus the projected 0.4% uptick while manufacturing prices stayed flat. No major reports are due from the US economy today, as risk sentiment might drive dollar price action.

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Forex Market: USD/CAD daily trading forecast

Article source:  binarytribune.com

Yesterday’s trade saw USD/CAD within the range of 1.2479-1.2664. The daily high has also been the highest level since February 11th, when a high of 1.2700 was recorded. The pair closed at 1.2497, falling 0.61% on a daily basis, or the first loss in five trading days.

At 8:39 GMT today USD/CAD was down 0.25% for the day to trade at 1.2456. The pair touched a daily low at 1.2443 at 7:15 GMT.

Fundamentals

United States

New Home Sales

Sales of new single-family homes probably decreased to the seasonally adjusted annual rate of 470 000 during January compared to a month ago, according to market expectations. The index ofnew home sales surged 11.6% to the annual rate of 481 000 in December, which has been the highest level since June 2008. December’s figure was supported by a 53.6% increase in sales in the Northeast region.

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Greece, Yellen & Draghi Keep Forex Traders On Edge

Article source: fxempire.com

Greece, Yellen & Draghi Keep Forex Traders On Edge

With a new week beginning the month of February is slowly coming to an end as traders hope that the Greece situation will go away quietly. It looks like the Eurozone will remain together as traders look forward to the kickoff of the ECB stimulus program. At the end of last week a four-month “bridging arrangement” was agreed in Greek debt negotiations. The Greek government must submit a list of economic measures it intends to carry out under the four-month extension and its EU partners must agree that they are adequate enough. This meeting will be the main focus of the markets today. The euro is flat in the morning a trading at 1.1384 as the US dollar gained a few points. Market focus will move to Janet Yellen’s testimony before US lawmakers on Tuesday. This event could cause a good deal of volatility in the markets depending on the attitude and outlook of the Bank decision maker.  The US dollar is trading at 94.44. Yellen’s comments on monetary policy and the state of the US economy follow the release of January’s policymaker meeting minutes which showed that the majority of the Fed’s open market committee’s members are in no rush to increase rates. Most investors continue to position for higher US rates at some point this year.

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