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 Europe M3 Money Supply report at 9:00 GMT and the U.S Prelim GDP at 13:30 GMT.
9:00 GMT: EUR M3 Money Supply
This monthly report measures the change in total quantity of domestic currency in circulation and deposited in banks. If the end result will beat expectations for 2.1 percent, the Euro might strengthen as a result.
13:30 GMT: USD Prelim GDP
This is the broadest measure of economic activity and the primary gauge of the economy's health. U.S economic growth has been stagnating for the past few quarters, prompting the Federal Reserve to embark on a bond purchasing program in order to stimulate growth. This number is highly important as the Fed's move received much criticism from home and abroad.
The number is expected to show a slight improvement from the previous reading, 3.3% instead of 3.2%. If the result is as expected or higher it will likely boost the dollar, possibly pushing the EUR/USD below $1.3750 and the USD/JPY to 83.00 yen.