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EURUSD trading this morning 7am

Well successful trade on USDJPY overnight, I put quite a low risk trade but still achieved a healthy 20% profit on the most nervous trading pair yesterday, USDJPY were jumping up and down in a 15 minute channel at such a rate it was heart rending. But in an upward trend.

The markets yesterday were having a lovely sleep with not much movement due to a lack of news, but still profits to be made. This morning we have news from EURUSD at 7am so I’m holding back trading until 7:01 when the news is out to see the response. I think we may see a slow initial response  until 8 when the UK session starts. (perhaps the CBE is hoping no one will notice).

There are 2 pieces of important news.  The consumer price index (YOY) and the Harmonised Index of consumer prices (YOY).

Last month the CPI was bearish for the EURO with 1.5% Actual against a consensus of 1.6%, previously 1.7% and has been dropping steadily, expected this month to be 1.5% this would maintain the same position, so basically any less than that would see a bearish Euro.

HIP confusingly was bullish and thus may mean a fight in the markets of what is more important. Incidentally, last month they released these figures at 13:00GMT the response of the market with one good and one bad was a bearish move. One that was not maintained. So making any predictions at this time is a bad idea.

However, the one thing I will say is that it seems odd that they choose to release the news outside market hours, I wonder if, in fact, they know it’s bad and want to lessen the impact by telling everyone when no one, or hardly anyone except insomniacs like me, are not looking.

Sorry if you were looking for me to say what I thought a good trade was on this pair, at this stage, I’m simply not sure and sometimes the way to win a trade is simply not to play.

Well… to catch up… didn’t seem to effect it at all, the data was as predicted. BORING.

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