Weekly Trading Forecast: Expect Heavy Seas Between NFPs, ECB and RBA
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The Dollar received a jolt of volatility this past week in a rally that followed the CPI inflation report, but the currency was unable to escape the bounds of a month-long range.
Traders have ignored recent incoming data, and remain focused on Greece’s long-term issues as well as the ECB’s upcoming QE/EAPP program.
The Bank of England’s (BoE) March 5 interest rate decision may have a limited impact on GBP/USD as the central bank is widely anticipated to retain its current policy, but the fundamental developments coming out of the U.K. may continue to boost the appeal of the sterling should the data prints highlight an improved outlook for growth and inflation.
The Australian Dollar is looking to the RBA monetary policy announcement to break prices out of congestion following four weeks of deadlock.
Gold prices snapped a four week losing streak with the precious metal rallying 1.27% to trade at $1216 ahead of the New York close on Friday.
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