Weekly Game Plan - 22.5.17

You can always find my weekly analysis in the FXRENEW Blog each week, along with articles and thought leadership pieces 

Here is this week's Game Plan:

Political risks may once again be at the forefront of traders minds this week. On Wednesday, former FBI Director James Comey has been invited to testify by House Oversight Committee Chairman Jason Chaffetz on the same day that the FBI is to provide requested documents regarding Comey–Trump communications. Also Oil markets will be keeping a keen eye on the OPEC meeting Thursday.

USD: enter the FED Minutes from May 3rd. In particular, market participants will seek more explicit indications of a June hike, the degree of confidence in infltion views, the weight of the Q1 data soft patch and the reinvestment reduction pace. Beyond this we have a decent amount of FedSpeak:  Harker, Evans, Kashkari (speaks three times), Kaplan (voting) andBullard (nonvoting).  Regarding data prints, we only have some housing data (Tue, Wed) to look out for.

EUR: continued strength expected in the near term with USD weakness. On the calendar we have Eurogroup meetings (Mon), PMIs & Ger Ifo (Tue),  Draghi speech (Wed),  Bank Holiday (Fr/Ger/Ch) on Thursday.

GBP: Inflation report hearings (Tue) & Second GDP estimate are the only things on the docket for this week.

CAD: Local market closed Monday for Victoria Day. The Bank of Canada’s monetary policy statement (Wed), along with bank earnings, will get the most attention. But also, be aware of the OPEC meeting on the 25th. Cuts to production should be extended, maintaining Crude (and thus the Loonie) supported.

AsiaPac:   no major economic reports scheduled,  but RBA's  Debelle speaks a few times. New Zealand releases its trade balance report.


Going into the week I remain bullish on Euro, Jpy, Cad  vs. USD.  I also remain bullish on Crude Oil & FTSE.