9 Reasons to Trade Forex this Week!

With investors focused this Monday 27/04 on Apple’s first quarter earnings report (NASDAQ: AAPL) the currency market has been in the background. However, we have an economic calendar full of important events for the rest of the week. Three central banks have monetary policy announcements and will be releasing GDP reports. This risk scenario means intense currency movement and here are nine reasons why we believe this week will be a great time to trade Forex:

1) The Federal Reserve’s decision on the Interest Rate had left the USD very volatile;

2) The NZD may suffer a sharp drop with the announcement of RBNZ (Central Bank of New Zealand)

3) The Chinese PMI may give the Australian Dollar a truce – AUD

4) Central Bank of Australia, Glenn Stevens, can make the currency lose strength;

5) Beware of the Impact of American GDP for the first quarter;

6) Major disappointment in UK GDP for the first quarter could reverse the GBP rise;

7) More surprises with the release of the Canadian GDP can take the USD / CAD to 1.20;

8) German retail sales rebound and GE’s unemployment drop may accelerate EUR gains;

9) May 1st holidays in Europe and Australia can encourage position adjustments in EUR, GBP and AUD.

Even though there was not much news this Monday, the currencies were already in motion. The US dollar traded lower during the North American session and the weakness brought GBP / USD to its strongest level in 7 weeks. The USD / CAD reached its lowest level in 3 months. According to Markit Economics, the US economy grew at a slower pace in April. The report adds that the string of disappointments in US data is driving the dollar down.