FX Trading Signals for Feb 02
1. Friday, February 2nd, 2007 (8:30 am New York Time) USA
We have US Non-Farm payroll coming out. As you may already know, this is probably the biggest economic report in the world that everybody watches, and can move the market by over 100 pips easily. It's expected that Non-Farm will read at 150K. If the reading is at 180K or more, I may possibly go short on GBP/USD, since it would be good for the dollar. If the reading is at 85K or lower, I may possibly go long on GBP/USD, since it would be bad for the dollar. The reason my long trigger is so much more conservative is because this report may also include annual government benchmarking, which is expected to bring 800,000+ extra jobs in 2006, and create a huge revision, which should be relatively well distributed among 12 months or so. If that happens, such positive revision may mute a negative dollar move, so I feel a bigger trigger is warranted.
We have US Non-Farm payroll coming out. As you may already know, this is probably the biggest economic report in the world that everybody watches, and can move the market by over 100 pips easily. It's expected that Non-Farm will read at 150K. If the reading is at 180K or more, I may possibly go short on GBP/USD, since it would be good for the dollar. If the reading is at 85K or lower, I may possibly go long on GBP/USD, since it would be bad for the dollar. The reason my long trigger is so much more conservative is because this report may also include annual government benchmarking, which is expected to bring 800,000+ extra jobs in 2006, and create a huge revision, which should be relatively well distributed among 12 months or so. If that happens, such positive revision may mute a negative dollar move, so I feel a bigger trigger is warranted.
posted by Naveen Pantera at 6:05 PM
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