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Trading Video: USD and EUR Stir on Mon Pol Talk, GBP Readies for Volatility

Trading Video: USD and EUR Stir on Mon Pol Talk, GBP Readies for Volatility

John Kicklighter, Chief Strategist

Talking Points:

• Top event risk ahead is UK CPI with distinct trade opportunities on both 'dovish' and 'hawkish' outcomes

• Two voting Fed officials have reinforced the mid-2015 timeline, the market remains dubious

• An important EU court opinion looms as a risk for both the Euro and European capital markets

See the DailyFX Analysts' forecasts for the Dollar, Euro, Pound and Gold through the 1Q on our DailyFX Trading Guides page.

The creeping fear of a universal drop in capital markets remains a top concern. However, as we await for benchmarks like the S&P 500 to crack 2,000 or the USDJPY to slip 115, there are more pressing matters at hand. Monetary policy is an active secondary driver - and it is setting up considerable trade potential going forward. This past session, the market was responding to surprisingly ardent hawkishness from the Fed's Lockhart and Williams despite tepid data (like last week's wage data as part of the NFPs). With the ECB's January 22 rate decision in mind, traders are contemplating the EU Court's assessment on the legality of the central bank's OMT program. But, if we want to talk tangible market potential; the upcoming UK CPI release offers potential on for the GBPJPY and GBPNZD on one outcome or EURGBP and GBPUSD on the other. We discuss what is moving the market and where the potential is in today's Trading Video.

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