The Market Has Lost Steam

Dear Traders,

Welcome to a new trading week.

Last Friday ended with non-volatile sideways moves. Both of our major currency pairs traded within narrow ranges and failed to offer traders a profitable trading environment. Generally it seems as if the market has lost steam, given the reduced expectations of a Federal Reserve tightening in 2015. In order to restore investor’s confidence, the market would need a clear signal from central bankers what to expect in the near-term. In the meantime, traders must be patient and try to profit from smaller fluctuations.

The week’s focus will be on ECB meeting on Thursday. The European Central Bank is not expected to increase stimulus this month, but expectations generally tend towards an extension of QE in the coming months. Apart from the ECB Rate Decision, the only important piece of eurozone data will be Friday’s PMI report.

There are no major important U.S. data scheduled for release this week. Some housing market reports are due for release but these reports are unlikely to determine the greenback’s further direction.

On Tuesday, traders should pay attention to speeches from Fed-chair Janet Yellen and BoE Governor Carney, which may impact on the currencies.

Finally, U.K. Retail Sales are scheduled for release on Thursday. Retail Sales are forecast to show a higher output in September and increase the chances of a break above 1.55.

We wish you a profitable trading week!

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