what's happening today.
1. Wednesday, November 15th, 2006 (8:30 am New York Time) CAD & USA
We have CAD manufacturing shipments and U.S. Empire Manufacturing coming out. My primary focus will be CAD manufacturing. It's expected to come out at -1.1%. If it comes out at 0 or positive, that should be good for the Canadian dollar, so I may possibly go short on USD/CAD. If it comes out at -2% or more negative, that should be bad for the Canadian dollar, so I may possibly go long on USD/CAD. Anything in between would be a no trade. I'll also have to factor in the U.S. Empire Manufacturing, and make sure that it doesn't conflict too much. It's expected at 15. If the report comes out deviating by less than 10, then I wouldn't consider the conflict too significant, and may take advantage of better price to go along with the Canadian report.
2. Wednesday, November 15th, 2006 (2:00 pm New York Time) USA
We have FOMC meeting minutes coming out of the U.S. Traders are going to scrutinize these minutes for clues about the future interest rate policies. There have been rumors that minutes were more hawkish than what everybody initially thought, and it was partly factored into the recent dollar strength. If minutes signify a pessimistic view on interest rates, saying that inflation has slowed down, and the Fed has to think about rate cuts, that would be a possible good long trade on GBP/USD. On the other hand, if the minutes are particularly hawkish, saying that growth is still strong, and the Fed will not consider any rate cuts for a while, and might even consider another hike, that would be good for the dollar, so I may possibly go short on GBP/USD. This is a very wishy washy report...we don't have a specific number, I'll just have to play it by ear when the minutes come out, and take into consideration the current price levels on GBP/USD.
1. Wednesday, November 15th, 2006 (8:30 am New York Time) CAD & USA
We have CAD manufacturing shipments and U.S. Empire Manufacturing coming out. My primary focus will be CAD manufacturing. It's expected to come out at -1.1%. If it comes out at 0 or positive, that should be good for the Canadian dollar, so I may possibly go short on USD/CAD. If it comes out at -2% or more negative, that should be bad for the Canadian dollar, so I may possibly go long on USD/CAD. Anything in between would be a no trade. I'll also have to factor in the U.S. Empire Manufacturing, and make sure that it doesn't conflict too much. It's expected at 15. If the report comes out deviating by less than 10, then I wouldn't consider the conflict too significant, and may take advantage of better price to go along with the Canadian report.
2. Wednesday, November 15th, 2006 (2:00 pm New York Time) USA
We have FOMC meeting minutes coming out of the U.S. Traders are going to scrutinize these minutes for clues about the future interest rate policies. There have been rumors that minutes were more hawkish than what everybody initially thought, and it was partly factored into the recent dollar strength. If minutes signify a pessimistic view on interest rates, saying that inflation has slowed down, and the Fed has to think about rate cuts, that would be a possible good long trade on GBP/USD. On the other hand, if the minutes are particularly hawkish, saying that growth is still strong, and the Fed will not consider any rate cuts for a while, and might even consider another hike, that would be good for the dollar, so I may possibly go short on GBP/USD. This is a very wishy washy report...we don't have a specific number, I'll just have to play it by ear when the minutes come out, and take into consideration the current price levels on GBP/USD.
posted by Naveen Pantera at 2:57 PM
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