Fed Chairman Bernanke hinted last week he may cut interest rates to boost the US economy and avert a US recession. In a seemingly counter-logical move, EUR/USD declined the most in a week since August. This was likely the result of traders taking their USD-short profits ahead of the weekend, leading to stop-trips.
This week, Canada, Australia, the UK and the Eurozone will announce their rate decisions. Powerball NFP will no doubt be the week’s focus this Friday.
Expect high volatility in forex this week. Trade only if setups are in your favour (trade setups illustrated in PowerFX Course).
Watch the forex video below:
Australia trade balance 0030 GMT
Eurozone unemployment 1000 GMT
US ISM manufacturing 1500 GMT
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