Pound Left Undetonated, Euro Faces GDP, Dollar and Shares Adrift
- High profile event risk is scheduled through all the major sessions through Friday
- Top listing ahead is Greek 1Q GDP, but the market's lack of clarity on the systemic Eurozone risk may curb impact
- Though Pound crosses may have lost their immediate catalyst, the technical setups are still inspiring
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Meaningful event risk is evenly distributed through the final 24 hours this week, but its market moving potential is certainly spotty. The Euro takes top spot for concentrated event risk with a round of 1Q GDP updates, but it is Greece's economic update that taps into deeper fundamental concerns for the Eurozone. Yet, even with these headline-busters, it will be difficult to motivate a major move that can generate a trend - like that on EURUSD. The Dollar, Yen and equities are all appealing on a scale that doesn't align to the limited fundamental engagement that we will see through the final 24 hours. However, that doesn't mean we should tune out for the US sentiment data or BoJ Governor Kuroda's prepared commentary. Meanwhile, the missed opportunity to put a spark to the highly-combustible technical conditions behind the Pound doesn't mean conditions are immediately rendered neutral. There is plenty of trade potential in the market from FX to traditional shares, but we need to adapt our approach to our market type. We look at trading conditions and opportunities in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.