Here’s our Start of the Week Analysis, part of our paid Trading Room subscription service, but generally made available to the public. The active trading sessions, however, sorry, you have to be a paid subscriber. It’s never too late, though!
For this week, the key element is going to be the Brexit Meetings scheduled over multiple days as the 11th hour grows near for the UK. Any misstep, and we could see the British Pound weaken even more than it has over the last few months.
We also had elections in Germany on Sunday which, as expected, did not go well for Angele Merkel’s coalition. It looks to be the beginning of the end for her. More importantly, given the weight that Germany carried within the European Union, and how critical Merkel is to the EU, we expect to see a weakening of the Euro as the implications are digested by the market.
Last but not least, Abe Shinzo has announced an increase in the consumption tax in Japan for late next year. While this may seem far off, expect the market to react to this in some fashion, and the JPY pairs to feel it.
Volatility was down last week, compared to the prior week, by a good 50%. Several pairs seem primed for big moves, but a catalyst is needed. As always, we’ll rely on our systems to identify food entries, and then apply our trading plan to see us through to the other side, hopefully with some pips to show for it.
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Andres Pedraza
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