The main takeaway from all three of this week’s monetary policy announcements is that Central Bankers did not coat their economic outlooks. They are taking the downturn in their economies very seriously. They are worried that their contractions will deepen. They have not only taken steps this week to offset the decline, but also PLEDGED to do more.
The commodity currencies were mixed, with the New Zealand Dollar extending its gains, while the Canadian and Australian dollars pulled back slightly. NZD benefited from upward revision to business confidence and ANZ activity. Chinese PMI's were also better, with improvements in non-manufacturing PMI offsetting a decline in manufacturing. According to the latest monthly GDP report, even before COVID-19 hit North America in a meaningful way, Canada’s economy was slowing. In the month of February, Canadian GDP stagnated, which was weaker than the forecast for 0.1% growth. No major economic reports were released from Australia, but the currency fell hard during the New York session. Australian manufacturing PMI numbers are scheduled for release this evening along with first quarter producer prices.
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The commodity currencies were mixed, with the New Zealand Dollar extending its gains, while the Canadian and Australian dollars pulled back slightly. NZD benefited from upward revision to business confidence and ANZ activity. Chinese PMI's were also better, with improvements in non-manufacturing PMI offsetting a decline in manufacturing. According to the latest monthly GDP report, even before COVID-19 hit North America in a meaningful way, Canada’s economy was slowing. In the month of February, Canadian GDP stagnated, which was weaker than the forecast for 0.1% growth. No major economic reports were released from Australia, but the currency fell hard during the New York session. Australian manufacturing PMI numbers are scheduled for release this evening along with first quarter producer prices.
TRADING RECOMMENDATIONS:
"SELL STOP @0.6515"
SL-0.6575
TP1-0.6455
TP2-0.6433
TP3-0.6332
TP4-0.6272
TP5-0.6070
TP6-0.5975
TP7-0.5665
TP8-0.5510
"BUY STOP @0.6575"
SL-0.6515
TP1-0.6600
TP2-0.6640
TP3-0.6700
TP4-0.6820
JOIN OUR ACADEMY TODAY:
jameshenry252.wixsite.com/mysite