Live: How to trade news

by Ashley DeSousa | Jul 12, 2023 | Forex Analysis

news

Hi members,

In today’s article, I went through some important news events that have happened so far, including the GBP unemployment rate. I also showed how to trade the news.

YEN

Firstly, why is the YEN all of a sudden getting stronger?
The start of this move happened last week on Friday when there was weak NFP data. But now its more clear that investors are repurchasing the YEN and selling the US Dollar. The YEN is popular for carry trading where investors borrow it as its very cheap and then invest it into higher-yielding currencies. This can be the NZD, AUD or any other currency.

YEN opens strong

GBP

UK employment figures was a mix today. Unemployment increased slightly but the average earning index has increased adding more pressure on BOE.

UK wage growth matches record high

I also spoke about the mortgage rates which have surged to 15-year highs. Also an interesting fact is that Trade body UK Finance estimates 800,000 Britons will need to refinance loans in the second half of this year, and a further 1.6 million in 2024 of a total of nearly 7 million fixed-rate mortgages that are outstanding.

Analysis from the Resolution Foundation, a think tank, suggests that the average homeowner who refinances a home loan in 2024 will have to pay an extra 2,900 pounds ($3,732.88) a year.

Halifax and Nationwide have both reported that house prices have been dropping in the past few months.

UK mortgage rates surge to 15-year high after surpassing ‘mini-budget’ peak

BITCOIN

Bitcoin gets a boost as Standard Charter predicts it to reach $50,000 by end of 2023 and $120,000 in 2024.

Bitcoin to reach $120k

Hungry exchanges fight for slice of American pie

NEWS

In the webinar, I went into more detail on how we can still trade this week despite a busy schedule on Wednesday. I have also shown clues on how we can use the DXY to our advantage as its approaching a key support level. We could use this to find good trade setups on the majors.

Check out our previous two posts below

Managing open trade

Leaving trades over the weekend is very risky

You can view the full webinar below.

Kind regards,

Ashley

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