You are here:--Market Overview – 8th March 2017

Market Overview – 8th March 2017

US Trade Deficit 

The widening of the US Trade Deficit is becoming worrying and the figure came out at U$48.5bn in Jan compared to the previous figure of U$44.3bn. Although some might see this as a sign of stronger demand of the US consumers, other would prefer to look deeper into the details.

It has also made the Commerce Secretary Wilbur Ross to make a statement that highlights the importance and need of the US government to work on the trade agreements and enforcement so as “to correct this imbalance”. It is worth noting also that the trade deficit with China has widened to U$3.3bn in the month compared to the previous figure of U$27.8bn.

China FX Reserves

China released FX reserves for Feb and it showed an unexpected figure just above the U$3trn level. PBoC official Zhou said that China will not “allow radical fluctuation of yuan rate”. We can expect USD to Asian currencies to be range bound and maybe slightly volatile as we approach Friday where the NFP report is going to be released and also before Yellen’s rate decision next week.

US Dollar Index

We have a mixed bag for the DXY and Trump’s lack of clarity on his fiscal plan is also not helping much.

EURUSD

Mostly range bound and we on the most part would look to sell on rallies.

GBPUSD

Downside risk prevails for the GBPUSD and the pair traded below 1.22 after the House of Lord’s vote to pass an amendment to Article-50 Bill which guarantees a parliamentary vote on the outcome of the negotiations.

Bearish momentum on the charts remains intact and the Brexit journey has barely begun.

1.20 to 1.24 is the range that we will be observing closely.

Trade well.

To your success!

Ardy Ismail

Pro Trader & Trading Coach


Want to know how we would trade this setup and all future setups? Join us as a Premium ForexAchievers Member! ===> Click here!


Learn to use Technical and Fundamental Analysis in our Startup Guide & start making Pips!

Join us as a Basic ForexAchievers Member and get the 6 Modules FOREX NINJA STARTUP GUIDE plus Gain Access to the PROTECTED SECTION of the GLOBAL MARKET REVIEW posts!


By | 2018-03-19T11:45:21+00:00 March 8th, 2017|Categories: Trading Education|Tags: |0 Comments

About the Author:

Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com

Leave A Comment

X

Forgot Password?

Join Us

Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.