With an abnormal number of news events coming from the euro-zone and the United States today, forex traders have been in a frenzy to place their bets before the trading day gets underway. Trading during these news events, which typically carry a lot of market volatility, is a fast way to double your forex trading balance; the wise trader knows this. Special attention should be paid to the German Economic Sentiment report at 10:00 GMT, the U.S TIC Long Term Purchases at 13:00 GMT, and Federal Funds Rate at 18:15 GMT. Will you take advantage of the impending volatility, or sit on the sidelines and miss out?
10:00 GMT- German Economic Sentiment
This monthly report reflects the level of diffusion index based on surveyed German institutional investors and analysts. This indicator always leads to extreme market volatility in the major currency pairs. If the results turn out to be lower than forecasts, then the EUR may record a fairly bearish session in today's trading.
13:00 GMT- USD TIC Long -Term Purchases
The Long Term Purchases report measures the difference in value between foreign long-term securities purchased by US citizens and US long-term securities purchased by foreigner during the reported period. This report has a direct correlation with the strength of the US economy. If the end result will beat expectations for 59.3B, the USD might strengthen as a result.
18:15 GMT: USD - Federal Fund Rate and FOMC Statement
The FOMC is scheduled to release its decision on short term interest rates today. These monetary policy releases tend to have a stronger impact than other economic reports since they factor directly into the value of the nation's currency. Any increase to America's interest rates will no doubt boost the USD, but expectations are for the rates to be held steady today meaning traders shouldn't expect much change due to this report.