Most of the professional traders are expecting a cold starting on Monday’s trading session as there is no high impact news release scheduled of any major currency pairs. Prior to the closing of the last week, the U.S dollar index tumbled hard after the dovish speech from FED chairperson Janet Yellen. The bearish momentum of the U.S dollar is most likely to prevail in the global market. Due to the ongoing weak performance of the U.S economy, the Aussie dollar has been trading higher and currently posted a new high. On Tuesday we have RBA Rate Statement and most of the leading investors will be cautiously looking for a clear clue regarding tightening of the monetary policy. Followed by this, we have Manufacturing PMI data release for the British economy. The Great Britain pound has done relatively well against most of its major rivals and a strong positive data better than the forecasted data 54.4 will push the sterling to a new high. However the scheduled data release of ISM Manufacturing PMI data might refuel the dollar bulls which will ultimately push the Sterling lower in the global market.
On Wednesday we have Unemployment Rate data released for the New Zealand economy and most of the leading economist are expecting a better data than forecasted data 4.8%.The kiwi dollar has been surging through all the critical resistance and a strong positive data release in the labor force will push the NZDUSD pair towards the high of 27th July 2017. Construction PMI which is one of the leading indicators is also scheduled on Wednesday for the British economy. A strong positive data release will create a long lasting bullish impact to the GBPUSD pair.
On Thursday we have Trade Balance data release for the Aussie economy. Currently, the Aussie dollar is imposing a strong bullish threat to the green bucks and the leading investors are waiting for better data to ride the long term bullish trend of the AUDUSD pair. Thursday is very important for Great Britain economy as MPC Official Bank Rate Votes, Monetary Policy Summary will be announced. If the majority of the MPC official comes up with a hawkish vote then we will see a strong rally in the GBPUSD pair towards to 100 weekly SMA. We also have Unemployment Claims data release for the U.S economy and the leading investors are expecting a strong positive data. Though the U.S economy is falling from the very beginning of the year 2017 the labor force is doing pretty well despite the economic crisis.
On Friday we have Retail Sales m/m data release for the Australian economy. This will give a clear clue to the investors regarding the sustained strength of the current bullish momentum of the Aussie dollar in the global market. On New York trading session we have Average Hourly Earnings m/m and Non-Farm Employment Change data release for the U.S economy. Currently, all the long term investors are eyeing on this scheduled data as the future green buck’s strength greatly depends on this two high impact news release. A strong data release will also help the FED to hike their interest rate for the third time this year which will ultimately restore the green buck’s strength in the financial industry.