Currency traders this is a huge week for the US Dollar. So beware! This week is full of economic news releases happening almost everyday of the week ending with the jobs report also known as the NFP Report on Friday. If you are a news traders, you should be ready to pull in big pips this week. Just make sure you enter in the right direction when you open the trade. Federal Reserve rate hike decision expected in September will be based on the comparison of the economic data released this week.
As the Federal Reserve prepares the world for tighter monetary policy via interest-rate hikes, it continues to reiterate that tightening will depend on the incoming economic data, not some fixed schedule.
Last week, we were hit with disappointing reports on wages, home prices, and consumer confidence. And while we learned GDP was growing again, revisions to earlier GDP reports were not great.